All material subject to strictly enforced copyright laws. © 2022 ITR is part of the Euromoney Institutional Investor PLC group.

Income tax project remains possibility for IASB

iasbsmall.jpg

Organisations and individuals with responsibility for accounting standards in Asia got the opportunity to raise their concerns with International Accounting Standards Board (IASB) trustees at a public roundtable in Singapore on January 13.

iasbsmall.jpg

The participants in the roundtable discussed the agenda consultation, which the the IASB launched last July. The IASB is responsible for the development and publication of International Financial Reporting Standards, which are required or permitted for use in more than 100 countries

The agenda consultation document states that because of comments received after the publication of exposure draft in 2009 dealing with the existing project on income taxes, the IASB would consider starting a fundamental review of accounting for income taxes in the future .

During their time in Singapore the trustees also heard from the official leading the project that Singapore remains on track to converge its local financial reporting standards with IFRS.

“In completing our review of the status of convergence implementation, the ASC concluded that Singapore remains on track for full convergence of the SFRSs with the IFRSs, taking into consideration the progress of the IASB’s priority projects,“ Michael Lim, chairman of the Singapore Accounting Standards Board, said.

more across site & bottom lb ros

More from across our site

Companies in the UAE can prepare for a corporate tax regime in 2023, while the Trump Organization was found guilty of 17 counts of tax fraud.
The companies have criticised proposals for the gig economy, while the UK and EU VAT gaps have fallen in percentage terms, and ITR speaks to a European Commission adviser about its VAT reforms.
Corporations risk creating administrative obstacles if the pillar two rule is implemented too soon, sources say.
Important dates for the Women in Business Law Awards 2023
The Italian government published plans to levy capital gains tax on cryptocurrency transactions, while Brazil and the UK signed a new tax treaty.
Multinational companies fear the scrutiny of aggressive tax audits may be overstepping the mark on transfer pricing methodology.
Standardisation and outsourcing are two possible solutions amid increasing regulations and scrutiny on transfer pricing, say sources.
Inaugural awards announces winners
The UN’s decision to seek a leadership role in global tax policy could be a crucial turning point but won’t be the end of the OECD, say tax experts.
The UN may be set to assume a global role in tax policy that would rival the OECD, while automakers lobby the US to change its tax rules on Chinese materials.