Date: 19 July 2023
The UKEB has today adopted the Amendments to IAS 12 International Tax Reform: Pillar Two Model Rules, issued by the IASB in May 2023. The Amendments introduce a temporary mandatory exception from accounting for deferred taxes arising from the Pillar Two model rules and a requirement to disclose that the exception has been applied, both of which are applicable immediately and retrospectively. They also introduce further targeted disclosure requirements, effective for annual reporting periods beginning on or after 1 January 2023. An entity is not required to make these disclosures for any interim period ending on or before 31 December 2023.
The text of the UK-adopted international accounting standard for the Amendments can be found here.
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We would like to thank all stakeholders who contributed to this project.