No laughing matter

Article Abstract:

The International Accounting Standards Board (IASB)/ US Financial Accounting Standards Board project has come out with the IAS 12 which appears to have finally got to grips with the definition of a tax base, temporary differences, the initial recognition exemption etc. IASB's new approach is based on the theory that deferred tax should be recognized on the difference between the future taxable income that arises from recovering the carrying amount of an asset and the amount of that asset that is detectable for tax purposes against such income.

Evaluation, Disclosure statements (Accounting)

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Single minded

Article Abstract:

The increasing global support for International Financial Reporting Standards (IFRS) gives rise to several new challenges and issues that need to be addressed through international dialogue.

Interpretation and construction, International aspects, International Accounting Standards Board

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