Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB) of IFRS Foundation. The IASB, before issuing the new/amendments to IFRS Standards, issues consultative documents [such as Discussion Paper (DP), Exposure Draft (ED) etc] seeking public comments from across the globe. The Accounting Standards Board (ASB) of ICAI with the aim to provide an opportunity to the various stakeholders in India to raise their concerns at the initial International Standard-setting stage itself, invites comments on the consultative documents issued by the IASB. It also helps the Indian stakeholders to be aware of the preparations required for implementation of Ind AS in line with adhering to global timelines. Recently, the IASB has issued the following Exposure Draft for public comments: 

•          Exposure Draft on International Tax Reform- Pillar Two Model Rules (proposed amendments to IAS 12)

In December 2021, the Organisation for Economic Co-operation and Development (OECD) published its Pillar Two model rules which introduce a global minimum tax for large multinational enterprises by applying a system of top-up taxes. In order to respond to the concerns around the uncertainty over the accounting for deferred taxes arising from the rules and urgent need for clarity in the light of the imminent enactment of tax law to implement the rules in some jurisdictions, IASB issued the said Exposure Draft . The proposals in this Exposure Draft would introduce a temporary exception to the accounting for deferred taxes arising from the implementation of the said rules and targeted disclosure requirements.

The above-mentioned Exposure Draft issued by the IASB, has been hosted on the website of the Institute of Chartered Accountants of India (www.icai.org) for public comments. 

How to comment:

Further clarifications on this Exposure Draft may be sought by e-mail to asb@icai.in.