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The Institute of Chartered Accountants of India has released the Exposure Draftof Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to Ind AS 12, Income Taxes. Comments on the above mentioned ED may be submitted either electronically or via post or email s
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FAQ :
The ICAI has released an Exposure Draft of amendments to Ind AS 12, Income Taxes, specifically concerning Deferred Tax related to Assets and Liabilities arising from a Single Transaction.
The amendments aim to narrow the scope of the recognition exemption in IAS 12, so it doesn't apply to transactions that create equal taxable and deductible temporary differences upon initial recognition. This is intended to reduce varied reporting of deferred tax on leases and decommissioning obligations.
Comments on the Exposure Draft must be received by the ICAI no later than 25th October 2021.
Comments can be submitted electronically via the ICAI website, by email to commentsasb@icai.in, or by post to the Secretary, Accounting Standards Board, ICAI.
Yes, the proposed amendments to Ind AS 12 are in line with the IASB's amendments to IAS 12, reflecting the convergence of Indian Accounting Standards with IFRS Standards.
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