Global Rulemaker Changes SME Accounting to Avoid OECD Issues

The International Accounting Standards Board changed small company accounting rules Friday in order to simplify issues created by OECD global minimum tax rules.

Small firms will be able to skip some tax reporting requirements after stakeholder pushback to the OECD-led changes, it announced.

The board’s changes to its IFRS for SMEs accounting standard follows similar changes to IAS 12 Income Taxes in May. Companies will be handed a temporary exemption from reporting money owed in deferred taxes after the OECD-led global agreement for countries to impose a minimum tax rate on multinationals made it harder for companies to predict ...