The IASB issued an ED proposing to amend IAS 12 to provide a temporary exception from the implementation of the OECD’s Pillar Two Model Rules
In January 2023, the IASB issued an ED proposing to amend IAS 12 Income Taxes to introduce a mandatory temporary exception from the recognition and disclosure of deferred taxes arising from the implementation of the OECD’s Pillar Two Model Rules, which would require an entity to apply retrospectively the proposed temporary exception immediately upon issuance of the amendments.
The ED proposes disclosures that give information on the potential exposure to the Pillar Two Model Rules, which are expected to apply for annual reporting periods beginning on 1 January 2023.
Comments to the IASB are due by 10 March 2023.
