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

As GCCs increasingly become strategic hubs, multinationals face heightened risks around permanent establishment and place of effective management
While all options presented ‘drawbacks’, European Commission tax leader Wopke Hoekstra said the controversial US carve-out deal has ‘many benefits’
From tech preparations to competitiveness concerns, Tax Systems’ Russell Gammon addresses the most pressing client considerations arising from the SbS deal
Despite estimates that the US/OECD agreement will cost countries billions, the Fair Tax Foundation’s Paul Monaghan believes the deal is a ‘necessary evil’
The firm’s eye-catching UK launch is a major statement of intent, but it will face stern opposition in its quest to be the top global tax player
The postponement came after industry representatives flagged implementation issues with the registration regime; in other news, firms made key tax partner additions
Despite the increased yield, the time taken to resolve enquiries was at a six-year high, new HMRC statistics have revealed
The High Court’s dismissal of barrister Setu Kamal’s legal challenge represents the first successful strike-out under a new law on SLAPPs
IP lawyers, who say they are encouraging clients to build up ‘tariff resilience’, should treat the risks posed by recent orders as a core consideration in cross-border licensing
As Coca-Cola awaits a crucial 11th Circuit Court of Appeals decision this year, its multibillion-dollar tax dispute could have profound implications for investors, cash flow, and corporate transparency
Gift this article