2 June 2023To:
Members of the Hong Kong Institute of CPAsAll other interested partiesINVITATION TO COMMENT ON IASB EXPOSURE DRAFTInternational Tax Reform—Pillar Two Model Rules—Proposed Amendments to the IFRS for SMEs Accounting StandardComments to be received by 23 June 2023The Financial Reporting Standards Committee (FRSC) of the Hong Kong Institute of CertifiedPublic Accountants (Institute) is seeking comments on the International Accounting StandardsBoard (IASB) Exposure Draft International Tax Reform—Pillar Two Model Rules—ProposedAmendments to the IFRS for SMEs Accounting Standard (ED). The ED is available on theInstitute's website:
https://www.hkicpa.org.hk/en/Standards-setting/Standards/Open-for-comment-documents/fredThe IASB has proposed amendments to the IFRS for SMEs Accounting Standard to help smalland medium sized entities respond to international tax reform.The proposed amendments to the income tax section of the Standard would provide the samerelief as the amendments to IAS 12 Income Taxes issued by the IASB in May 2023, and comein response to the Organisation for Economic Co-operation and Development’s Pillar Twomodel rules.The proposed amendments would:
•introduce a temporary exception to accounting for deferred taxes arising from theimplementation of the Pillar Two model rules;
•introduce targeted disclosure requirements in periods when Pillar Two legislation is in effect;
and•clarify that ‘other events’ in the disclosure objective for income tax include enacted orsubstantively enacted Pillar Two legislation.The FRSC invites your comments on the ED by 23 June 2023 to allow your comments to beconsidered in developing its response to the IASB. Comments should be supported by specificreasoning and should be submitted in written form.Comments may be sent by mail, fax or e-mail to:
Standard Setting DepartmentHong Kong Institute of Certified Public Accountants37th Floor, Wu Chung House213 Queen’s Road EastWanchai, Hong KongFax number (+852) 2865 6603E-mail: commentletters@hkicpa.org.hkComments will be acknowledged and will be made available for public review unless otherwiserequested by the respondent.
Invitation to Comment on IASB Exposure Draft International Tax Reform—Pillar Two Model Rules—Proposed Amendments to the IFRS for SMEs Accounting Standard
下载原件2 June 2023To:
Members of the Hong Kong Institute of CPAsAll other interested partiesINVITATION TO COMMENT ON IASB EXPOSURE DRAFTInternational Tax Reform—Pillar Two Model Rules—Proposed Amendments to the IFRS for SMEs Accounting StandardComments to be received by 23 June 2023The Financial Reporting Standards Committee (FRSC) of the Hong Kong Institute of CertifiedPublic Accountants (Institute) is seeking comments on the International Accounting StandardsBoard (IASB) Exposure Draft International Tax Reform—Pillar Two Model Rules—ProposedAmendments to the IFRS for SMEs Accounting Standard (ED). The ED is available on theInstitute's website:
https://www.hkicpa.org.hk/en/Standards-setting/Standards/Open-for-comment-documents/fredThe IASB has proposed amendments to the IFRS for SMEs Accounting Standard to help smalland medium sized entities respond to international tax reform.The proposed amendments to the income tax section of the Standard would provide the samerelief as the amendments to IAS 12 Income Taxes issued by the IASB in May 2023, and comein response to the Organisation for Economic Co-operation and Development’s Pillar Twomodel rules.The proposed amendments would:
•introduce a temporary exception to accounting for deferred taxes arising from theimplementation of the Pillar Two model rules;
•introduce targeted disclosure requirements in periods when Pillar Two legislation is in effect;
and•clarify that ‘other events’ in the disclosure objective for income tax include enacted orsubstantively enacted Pillar Two legislation.The FRSC invites your comments on the ED by 23 June 2023 to allow your comments to beconsidered in developing its response to the IASB. Comments should be supported by specificreasoning and should be submitted in written form.Comments may be sent by mail, fax or e-mail to:
Standard Setting DepartmentHong Kong Institute of Certified Public Accountants37th Floor, Wu Chung House213 Queen’s Road EastWanchai, Hong KongFax number (+852) 2865 6603E-mail: commentletters@hkicpa.org.hkComments will be acknowledged and will be made available for public review unless otherwiserequested by the respondent.