As you are kindly aware that the Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB). In this regard, it may be noted that IFRS Standards are being issued/revised by the IASB from time to time. As a part of convergence with IFRS Standards, the Ind AS may be issued/revised corresponding to the IFRS Standards. Accordingly, whenever any amendments are made or new IFRS Standard/IFRIC is issued by the IASB, the Accounting Standards Board (ASB) of the ICAI considers those amendments and other related aspects for amending the corresponding Ind AS.

In this regard, the Accounting Standards Board has issued Exposure Draft of International Tax Reform—Pillar Two Model Rules - Amendments to Ind AS 12 corresponding to Amendments to IAS 12 issued by the IASB. The draft amendments to Ind AS 12 aim to provide temporary relief from requirements to recognise and disclose information about deferred tax assets and liabilities arising from Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD).

The Exposure Draft of Amendments to Ind AS 12 can be assessed at the following link for comments with the last date of comments being August 25, 2023:

• International Tax Reform—Pillar Two Model Rules - Amendments to Ind AS 12
  
  

Comments on the abovementioned Exposure Draft may be submitted through any of the following modes: