International Accounting Standard 12: Income taxes

This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 12 Income Taxes was issued by the International Accounting Standards Committee (IASC) in October 1996. It replaced IAS 12 Accounting for Taxes on Income (issued in July 1979). | IAS 12 International Accounting Standard 12 Income Taxes This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 12 Income Taxes was issued by the International Accounting Standards Committee (IASC) in October 1996. It replaced IAS 12 Accounting for Taxes on Income (issued in July 1979). In May 1999 paragraph 88 was amended by IAS 10 Events After the Balance Sheet and in April 2000 further amendments were made as a consequence of IAS 40 Investment Property. In October 2000 IASC approved revisions to specify the accounting treatment for income tax consequences of dividends. In April 2001 the International Accounting Standards Board resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. Since then, IAS 12 and its accompanying guidance have been amended by the following IFRSs: • IAS 1 Presentation of Financial Statements (as revised in December 2003) • IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (issued December 2003) • IAS 21 The Effects of Changes in Foreign Exchange Rates (as revised in December 2003) • IAS 39 Financial Instruments: Recognition and Measurement (as revised in December 2003) • IFRS 2 Share-based Payment (issued February 2004) • IFRS 3 Business Combinations (issued March 2004) • IAS 1 Presentation of Financial Statements (as revised in September 2007)* • IFRS 3 Business Combinations (as revised in January 2008).† The following Interpretations refer to IAS 12: • SIC-21 Income Taxes—Recovery of Revalued Non-Depreciable Assets (issued July 2000 and subsequently amended) • SIC-25 Income Taxes—Changes in the Tax Status of an Entity or its Shareholders (issued July 2000 and subsequently amended) • IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies (issued November 2005 and subsequently amended). * effective date 1 .