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IASB Issues Exposure Draft on Income Tax Accounting (Proposed Amendments to IAS 12)

Published on: 10 Sep 2010

Today, the IASB issued an exposure draft (ED), Deferred Tax: Recovery of Underlying Assets. The ED’s purpose is to “provide an exception to the principle that the measurement of deferred tax liabilities and deferred tax assets should reflect the tax consequences that would follow from the manner in which the entity expects to recover or settle the carrying amount of its assets and liabilities.” The ED also states that “in specified circumstances, the measurement of deferred [taxes] should reflect a rebuttable presumption that the carrying amount of the underlying asset will be recovered entirely by sale.”

Comments on the ED are due by November 9, 2010.

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