IFRB 2021/10

BDO has released IFRB 2021-10, which summarises the amendments to IAS 12 recently issued by the IASB. These amendments clarify whether the initial recognition exemption applies to transactions where assets and liabilities are recognised simultaneously, such as leases and decommissioning obligations. Depending on how an entity has been accounting for taxable and deductible temporary differences previously, these amendments could have a significant impact. This IFRB includes examples of how the amendments may affect entities