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Deloitte comment letter on IFRS Interpretations Committee agenda decision on accounting for market value uplifts introduced by a new tax regime

Published on: 15 May 2012

Deloitte's IFRS Global Office has submitted a letter of comment to the IFRS Interpretations Committee on its Tentative agenda decision: IAS 12 Income Taxes – Accounting for market value uplifts introduced by a new tax regime.

In the comment letter, we agree with the decision not to add this item onto its agenda, but note that an important factor in the Committee’s analysis is that the tax in question falls within the scope of IAS 12. We believe that this should be stated in the explanation of the request.

The comment letter states:

We note that the recognition of a significant gain at the time of the market value uplift is likely to necessitate additional explanation in the financial statements of the entities affected, but recognise that this is a necessary consequence of the application of IAS 12 to this regime.


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