ICAI Issues Exposure Draft of International Tax Reform – Pillar Two Model Rules | Amendments to Ind AS 12/AS 22
- News|Blog|Account & Audit|
- < 1 minute
- By Taxmann
- |
- Last Updated on 27 July, 2023
Latest from Taxmann
ICAI has issued an exposure draft of International Tax Reform-Pillar Two Model Rules for amending Ind AS 12, Income Taxes, and AS 22, Accounting for Taxes on Income. New additions under both these standards will be applicable from annual reporting periods beginning on or after 1 April 2023. With these amendments, both standards will cover taxes on income arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD).
However, as an exception to the requirements of both standards, an enterprise should neither recognize nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes.
Moreover, an entity is not required to disclose the information required by newly added paragraphs for any interim period ending on or before 31 March 2024.
Click Here To Read The Full Story
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
