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The International Accounting Standards Board (IASB) issued the Exposure Draft International Tax Reform – Pillar Two Model Rules on 9 January 2023: Proposed amendments to IAS 12 published. The IASB proposes temporary, mandatory relief in accounting for deferred taxes that can result from the imminent implementation of the rules published by the OECD on global minimum taxation.

The IASB is thus reacting to uncertainties regarding the application of IAS 12 in accounting for deferred taxes in connection with the regulations on global minimum taxation.

The proposed changes include:

  • a temporary, mandatory exemption from accounting for deferred taxes resulting from the implementation of the OECD rules on global minimum taxation, and
  • specific disclosure requirements for affected business entities.

The comment period for the exposure draft ends on 10 March 2023.

The exposure draft can be downloaded from the IASB website here.

KPMG Express Accounting News

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