European Union Gazettes Regulation Amending Regulation on IAS 12, Due to Pillar Two Model Rules

The European Union Official Gazette Nov. 9 published EU Regulation No. 2023/2468, amending EU Regulation EU 2023/1803 to reflect International Accounting Standards Board (IASB) changes to International Accounting Standard 12 on income taxes (IAS 12). The regulation amendments are intended to prevent EU groups from recognizing OECD Pillar Two increases as deferred taxes in interim consolidated financial statements, in light of the implementation of the Pillar Two model rules in 2023 by some non EU countries. The regulation includes measures: 1) introducing a temporary exception from accounting for deferred taxes that arise from implementing Pillar Two, applicable Nov. 10 and ...