Small Firms Can Skip Some Tax Accounting Amid OECD Confusion

Global standard setters voted Wednesday to allow some small firms a temporary exemption from some tax reporting requirements, amid confusion over changes resulting from OECD-led global minimum tax plans.

All 14 members of the International Accounting Standards Board voted to change the IFRS for SMEs accounting standard, with the comment period on the draft changes cut to 45 days from the usual 120. In January the IASB published proposals to allow bigger companies a temporary exemption from reporting the money owed in deferred taxes.

• The board said there needed to be changes to the SMEs standard to avoid accounting confusion ...