| This summary of Accounting Standards Board (AcSB) projects has been prepared for
information purposes only. Decisions reported are tentative and reflect only the current status of
discussions on this project, which may change after further deliberations by the AcSB. Decisions to publish
Handbook material are final only after a formal ballot process. |
Status: Staff work in progress.
An exposure draft of revisions to International Financial Reporting Standard IAS 12, Income Taxes, is expected to be issued for comment in the fourth quarter of 2008. The
AcSB expects to publish the proposals in Canada as soon as possible after the IASB publishes them.
Background
Activities to Date
Next Steps
Contact Information
Background
In April 2005, the AcSB approved a project to amend Section 3465, Income
Taxes. The primary reason for the project was to converge Section 3465, Income Taxes, with changes resulting from the IASB’s and FASB’s joint short-term
convergence project on income taxes. Consistent with the AcSB’s strategy of adopting International Financial
Reporting Standards for publicly accountable enterprises, the AcSB now expects to adopt the revised IAS
12, rather than amend Section 3465.
Activities to Date
Staff is currently performing a detailed comparison of IAS 12 (including the changes proposed in the IASB project) to
current Canadian GAAP, including EIC Abstracts. Upon completion of that review, the AcSB will determine
whether there are any issues that should be referred to the IASB or its interpretations committee, the
International Financial Reporting Interpretations Committee (IFRIC). The AcSB intends that the revised IAS 12
will not be required to be adopted in Canada prior to the adoption of IFRSs in 2011.
Next Steps
It is expected that the IASB will issue an exposure draft of proposed changes to IAS 12 in the fourth
quarter of 2008. The AcSB intends to issue the proposed revised IAS 12 as a Canadian exposure draft shortly
afterwards.
Contact Information
Questions or comments on this project should be directed to:
Karlene Mulraine, CA
Principal, Accounting Standards
Telephone: +1 (416) 204-3466
Fax: +1 (416) 204-3412
Canadian Accounting Standards Board
277 Wellington Street West
Toronto ON M5V 3H2 Canada
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