Accounting Rulemaker Rushes Tax Changes to Avert OECD Problems

The International Accounting Standards Board issued proposals Monday to let companies skip some tax-reporting rules, citing the uncertainty around implementation of OECD-led global minimum taxes.

The global standard setter published an exposure draft of proposals to change IAS 12 Income Taxes to give companies a temporary exemption from reporting the money owed in deferred taxes. More than 135 countries in 2021 joined the OECD-led agreement on a 15% global minimum corporate tax, though they can choose their own adoption timelines. The EU and a handful of other countries will put the rules in effect at the end of this year, ...