On July 25, 2023, the Accounting Standards Board (ASB) of The Institute of Chartered Accountants of India released an Exposure Draft for public review. The draft proposes Amendments to AS 22 to address the recognition and disclosure of deferred tax assets and liabilities arising from the International Tax Reform—Pillar Two Model Rules, published by the Organisation for Economic Co-operation and Development (OECD). This Exposure Draft aims to provide temporary relief to entities affected by these tax reforms. Interested parties are encouraged to review and provide comments on the proposed amendments before the deadline of August 25, 2023.
Accounting Standards Board
The Institute of Chartered Accountants of India
25th July, 2023
Exposure Draft of International Tax Reform-Pillar Two Model Rules – Amendments to AS 22
The Accounting Standards Board has issued Exposure Draft of International Tax Reform—Pillar Two Model Rules – Amendments to AS 22 to provide temporary relief from requirements to recognise and disclose information about deferred tax assets and liabilities arising from Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD).
The Exposure Draft of Amendments to AS 22 can be assessed at the following link for comments with the last date of comments being August 25, 2023:
Comments on the abovementioned Exposure Draft may be submitted through any of the following modes:
| 1. Electronically: | Click on http://www.icai.org/comments/asb/ to submit comment online (Preferred method) |
| 2. Email: | Comments can be sent to: commentsasb@icai.in |
| 3. Postal: | Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi 110 002 |
Further clarifications on the Exposure Draft may be sought by e-mail to asb@icai.in.
