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IASB Issues Staff Papers on Updated Pillar 2 Tax Accounting Proposals

Last week, the IASB released five Staff Papers providing an update to tax accounting under IFRS for Pillar Two. The IASB had previously issued an Exposure Draft for proposed amendments to IAS 12 to take account of the Pillar Two Model Rules.

The two key proposals were:

 – a temporary exception to accounting for deferred taxes arising from the implementation of the Pillar Two model rules; and

 – targeted disclosure requirements

The Exposure Draft was open for consultation until March 10, 2023.

As a result of the feedback given in the consultation, the Staff Papers update the previous proposals, particularly as regards the proposed targeted disclosure requirements.

At a meeting of the IASB on April 11, 2023, the IASB approved the updated proposals. [UPDATE: On May 23, 2023, the IASB published the amendments to IAS 12 to take account of the Pillar Two GloBE Rules]

Temporary exception to the accounting for deferred taxes

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