The Accounting Standards Committee (ASC) has issued amendments to SFRS(I) 1-12 and FRS 12 Income Taxes in response to the OECD Pillar Two model rules on a global minimum tax.
What changes
- A temporary exception from recognising and disclosing deferred taxes arising from Pillar Two top-up taxes.
- New disclosures so that readers can understand a group’s exposure to Pillar Two income taxes.
Who is affected
Mainly members of large multinational groups with annual revenue of at least €750 million. Most SMEs are not directly affected.