Responses to IASB Documents for Comment
IAS 12 Income Taxes
Exposure Draft – Recognition of Deferred Tax Assets for Unrealized Losses (Proposed amendments to IAS 12) – August 2014
On December 18, 2014, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in August 2014. The letter expresses support for the proposed amendments set out in the Exposure Draft. The letter also suggests that the proposed illustrative example focus on the key aspects of the amendments, thereby reducing its length and complexity. Read the AcSB letter posted by the IASB.
Exposure Draft – Deferred Tax: Recovery of Underlying Assets (Proposed amendments to IAS 12) – September 2010
On November 9, 2010, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft. The letter supports the IASB’s proposal that the deferred tax measurement for an investment property that is measured at fair value should reflect a rebuttable presumption that the asset will be recovered through sale. The letter also recommends extending this presumption to owner-occupied properties that are held for both use and capital appreciation and are measured using the revaluation model under IAS 16 Property, Plant and Equipment. However, the letter does not support extending this presumption to other property, plant and equipment or intangible assets. The AcSB letter posted by the IASB is available here.
Exposure Draft – Income Tax – March 2009
On July 31, 2009, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft. The letter does not support the project proceeding in its current form. Instead it suggests the project be re-scoped to consider a more fundamental review of accounting for income taxes, or defer to allow constituents and the IASB to focus on projects currently of higher priority. The letter included an appendix prepared by AcSB staff providing detailed comments on a number of the proposals. The AcSB letter posted by the IASB is available here.