The IASB issued amendments to IAS 12, Income Taxes, a news release said. The amendments provide companies temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development's (OECD's) international tax reform.
According to the release, the amendments will introduce:
A temporary exception from accounting for deferred taxes arising from jurisdictions implementing the global tax rules. This will help to ensure consistency in the financial statements while easing into the implementation of the rules;