This content is from: Singapore

Income tax project remains possibility for IASB

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.

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.

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