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The European Union published Regulation (EU) No 2023/2468 of 8 November 2023 amending Regulation (EU) No 2023/1803 as regards International Accounting Standard 12 (IAS 12) in the Official Journal of 9 November 2023. This regulation adopts amendments to IAS 12 (see Express Accounting News 15/2023). The amendments, which were published by the International Accounting Standards Board (IASB) on 23 May 2023, include a temporary, mandatory exemption from accounting for deferred taxes resulting from the introduction of global minimum taxation, as well as targeted disclosures in the notes for affected companies.

The temporary exemption applies immediately after publication of these amendments by the IASB and with retrospective effect. The disclosure requirements apply to financial years beginning on or after 1 January 2023. The disclosure requirements do not apply to interim reports for interim reporting periods ending on or before 31 December 2023.

KPMG Express Accounting News

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