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On 3 November 2021, at COP26, the IFRS Foundation Trustees announced the creation of the International Sustainability Standards Board (ISSB).
On 26 June 2023 the ISSB issued its inaugural standards—IFRS S1 and IFRS S2—ushering in a new era of sustainability-related disclosures in capital markets worldwide.
The International Accounting Standards Board (IASB) has proposed amendments to the IFRS for SMEs Standard to align with similar amendments to IAS 12 Income Taxes. The proposed amendments aim to provide temporary relief from requirements to recognise and disclose information about deferred tax assets and liabilities arising from the imminent implementation of the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD).
The IASB is responding to stakeholders’ concerns about the potential implications of the Pillar Two model rules for the accounting for income tax in financial statements. In particular, stakeholders were concerned about the uncertainty over the accounting for deferred taxes arising from the rules. They said there was an urgent need for clarity in the light of the imminent implementation of these rules in some jurisdictions.
The proposed amendments would:
Due to the project’s accelerated nature, the IASB aims to finalise any amendments in the third quarter of 2023, subject to comments on the Exposure Draft.
Stakeholders can submit comments on the Exposure Draft in one of two ways:
Access the Exposure Draft below. The Exposure Draft was open for comment until 17 July 2023.
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