IASB releases for comment standard on income tax accounting.

The International Accounting Standards Board published for public comment an exposure draft of a proposed new standard on the accounting for income tax. The proposed standard retains the basic approach to accounting for income tax, known as the temporary difference approach. The objective of that approach is to recognize now the future tax consequences of past events and transactions, rather than waiting until the tax is payable. Although the proposed standard retains the same principle, the IASB proposes to remove most of the exceptions in IAS 12, to simplify the accounting and strengthen the...

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