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Accounting Rulemaker Rushing Changes to Avoid OECD-Related Snags

Nov. 25, 2022, 5:27 PM

The International Accounting Standards Board has undertaken an “accelerated project” to let companies skip some tax-reporting rules because of the uncertainty created by implementation of the OECD-led global minimum tax plan.

The IASB added a project to its work plan to change IAS 12 Income Taxes allowing companies a temporary exemption from reporting the money they owed in deferred taxes, it said Thursday. Last year 137 countries agreed to follow rules setting a 15% global minimum corporate tax. While some countries intend to apply the rules by the end of next year, others could follow later, creating temporary uncertainty ...