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 2025

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

The president’s tariff regime has already caused misery for taxpayers. Losing at the Supreme Court would mean it was all for nothing
The US itself was the biggest loser of tax revenue to American multinationals’ profit shifting, the Tax Justice Network reported; in other news, firms made key tax hires
Identifying who will bear the costs and concerns around confidentiality are issues yet to be resolved, advisers say
As multinationals embed tax technology into their TP functions, a new breed of systems – built on multi-model databases – is quietly transforming intercompany pricing logic
The president described it as ‘one of the most important cases in the history of our country’; in other news, Portugal established a VAT group regime
Clients are facing increased TP audit scrutiny in Hungary. DLA Piper Hungary is therefore using AI and advanced analytics to augment its advice, the firm’s head of TP says
Simpson Thacher & Bartlett and MinterEllisonRuddWatts were among the firms that advised on the deal
AI will mean fewer entry-level roles in tax but also the emergence of new jobs, according to tax expert Isabella Barreto
As World Tax unveils its much-anticipated rankings for 2026, we focus on standout performances by PwC, KPMG and Deloitte across the Asia-Pacific region
The partnership model was looking antiquated even before the UK chancellor’s expected tax raid on LLPs was revealed. An additional tax burden may finally kill it off
Gift this article