12/08/2022 - EFRAG Endorsement Status Report - Update
The endorsement by the European Commission of Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction is now reflected in the Endorsement Status Report. The updated EFRAG Endorsement Status Report can be found here.
The European Union has published a Commission Regulation endorsing Amendments to IAS 12 Income Taxes. The Amendments are effective for annual periods beginning on or after 1 January 2023 with earlier adoption allowed.
The Amendments clarify how companies are to account for deferred taxes on transactions such as leases and decommissioning obligations and aim to reduce diversity in the reporting of deferred tax assets and liabilities on leases and decommissioning obligations.
By way of consequence of the amendments to IAS 12 Income Taxes, IFRS 1 First-time Adoption of International Financial Reporting Standards was also amended in order to ensure consistency between those standards.Link to the publication in the Official Journal of the European Union can be found here.
The updated EFRAG Endorsement Status Report can be downloaded below and under the menu 'Endorsement Status'.
