Beyond the GAAP n°176 - April 2023

Less than six months after launching the standard-setting project, the IASB seems well on the way to finalising the amendments to IAS 12 that will introduce a temporary exception to the recognition of deferred taxes resulting from the implementation of the OECD Pillar Two rules. The IASB acknowledged the timely and helpful feedback from stakeholders on its proposed amendments and, at the end of a supplementary meeting dedicated to the project, finally elected to simplify the disclosure requirements compared with its initial proposal. This was arguably the most practical solution to ensure rapid finalisation of the amendments, which was important to all stakeholders.

Another major news item reported in this issue is the IASB’s recent publication of an exposure draft of proposed amendments to IFRS 9 and IFRS 7, following the first phase of the Post-implementation Review of IFRS 9. The exposure draft also includes the IASB’s response to a question initially put to the IFRS Interpretations Committee, concerning the date on which to derecognise a receivable that is settled using an electronic payment system.