Income tax project remains possibility for IASB

International Tax Review is part of Legal Benchmarking Limited, 1-2 Paris Garden, London, SE1 8ND

Copyright © Legal Benchmarking Limited and its affiliated companies 2026

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

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 & shared bottom lb ros

More from across our site

Shiny new offices like Ryan’s in London Bridge aren’t just a cost – they signal that a firm is willing to align with its clients’ interests
Darren Graves will succeed Richard Houston, who is set to lead Deloitte EMEA; in other news, Morgan Lewis hired a three-partner tax team in New York
India also signed its first-ever bilateral APAs with France, Ireland, Indonesia and Sweden last year, the CBDT revealed
Chile’s revamped GAAR marks a shift toward structural scrutiny, pushing MNEs to strengthen tax governance, economic substance and compliance strategies
New reforms represent the most seismic shift in Canadian TP legislation since its enactment and a clear inflection point for MNEs, ITR has heard
Spain did not transpose EU VAT rules for SMEs or works of art; in other news, an increased VAT threshold came into force in South Africa
While the IBS incorporates taxable events previously covered by state and municipal taxes, its governance and operational logic represent a significant departure from the legacy model
The new office on the fourth floor of 4 More London will span 14,230 square feet, with the potential to expand to the first and second floors
MNEs now face a shift from modelling to execution as the side‑by‑side deal forces tax teams to upgrade systems, harmonise data, and prevent costly pillar two mismatches
As recent surveys suggest a disconnect between AI adoption and employee engagement, the big four risk digging themselves into a strategic hole
Gift this article