IASB Proposing Amendments to IFRS For SME’s For Pillar 2 Rules

On June 1, 2023, the International Accounting Standards Board issued an Exposure Draft for Proposed Amendments to the IFRS for SMEs Standard to take account of the Pillar Two Rules.

This is hot on the heels of the recent IASB issued amendments to IAS 12 to take account of the Pillar Two Model Rules.

The two key amendments to IAS 12 were:

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

– targeted disclosure requirements

Because the requirements for accounting for income taxes in Section 29 of the IFRS for SMEs Standard are based on those in IAS 12, the IASB is considering whether to also amend Section 29.