EFRAG Endorsement Status Report reflects Amendments to IAS 12 International Tax Reforms - Pillar Two
EFRAG Endorsement Status Report reflects Amendments to IAS 12 International Tax Reforms - Pillar Two
The European Union has published a Commission Regulation endorsing the Amendments to IAS 12 International Tax Reforms - Pillar Two Model Rules. The endorsement is now reflected in the Endorsement Status Report.
The Amendments introduced a mandatory temporary exception to the requirements in IAS 12 Income Taxes to recognise and disclose information about deferred tax assets and liabilities arising from the OECD’s Pillar Two Model Rules. The Amendments also introduced targeted disclosure requirements.
The temporary exception will be applicable immediately and retrospectively in accordance with IAS 8, whereas the targeted disclosure requirements will be applicable for annual reporting periods beginning on or after 1 January 2023.
The updated Endorsement Status Report may be accessed here.
The Amendments introduced a mandatory temporary exception to the requirements in IAS 12 Income Taxes to recognise and disclose information about deferred tax assets and liabilities arising from the OECD’s Pillar Two Model Rules. The Amendments also introduced targeted disclosure requirements.
The temporary exception will be applicable immediately and retrospectively in accordance with IAS 8, whereas the targeted disclosure requirements will be applicable for annual reporting periods beginning on or after 1 January 2023.
The updated Endorsement Status Report may be accessed here.