In 2009, the International Accounting Standards Board issued an Exposure Draft Income Tax. This project started in 2002 as one of the topics for short-term convergence under the Memorandum of Understanding between the Board and the Financial Accounting Standards Board. In the Exposure Draft, the Board proposed to retain and strengthen the principle underlying IAS 12 Income Taxes, but remove most exceptions to that principle and simplify the accounting. The Board also proposed a changed structure, intended to make it easier to use IAS 12.
In the light of comment letters received on the Exposure Draft, the Board decided in 2010: