Companies complying with the OECD global minimum tax regime don’t have to recognize or adjust deferred tax assets and liabilities for the future effects of the minimum tax, the US accounting rulemaker’s technical director said Wednesday.
The announcement was in response to a question several accounting firms asked the Financial Accounting Standards Board’s staff about how to account for the tax, FASB technical director Hillary Salo said.
The tax is designed to ensure that large multinationals pay a minimum level of tax through a series of rules that include a global minimum corporate tax of 15% of adjusted ...