INCOME TAXES

The International Accounting Standards Board has issued an exposure draft of a proposed new standard on income tax accounting, which would replace IAS 12, Income Taxes. The proposals retain much of the IAS 12 approach, with the result that many entities should find that there is no difference between the amounts of current and deferred taxes computed under the proposals and the amounts computed under IAS 12. Before reaching that conclusion, however, they need to understand a complex document.