• 2024 Issued Standard – IAS 12
  The 2024 Issued Standards include all amendments issued up to and including 31 December 2023.

Registration is required to access the free version of the Issued Standards, which do not include additional documents that accompany the full standard (such as illustrative examples, implementation guidance and basis for conclusions).

Note that the Issued Standards contain amendments that have a mandatory effective date that is later than 1 January 2024. Find details of the effective dates of amendments to this Standard in the Recent Amendments section below.

• Current tax for the current and prior periods is recognised as a liability to the extent that it remains outstanding, or an asset, to the extent that amounts paid are in excess of that due. It should be recognised using the tax rates that have been enacted or substantively enacted by the reporting date.
• Deferred tax liabilities are recognised for taxable temporary differences.
• Deferred tax assets are recognised for deductible temporary differences and unused tax losses and credits to the extent that a taxable profit will be available against which they can be utilised.
• Deferred tax assets and liabilities should be measured at the tax rates expected to apply to the date when the liability is settled or asset realised.

• IFRIC 7 Applying the Restatement Approach under IAS 29
  IFRIC 7 provides guidance on the application of IAS 29 in the first year in which hyperinflation is identified.
• IFRIC 21 Levies
  Provides guidance on when to recognise a liability for a levy imposed by a government. 
• IFRIC 23 Uncertainty over Income Tax Treatments
  Clarifies how to apply the recognition and measurement requirements of IAS 12 when there is uncertainty over income tax treatments. 
• SIC 25 Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders
  Addresses the deferred tax consequences of changes in tax status of an enterprise or its shareholders.