IAS 12 Income Taxes

May 8, 2026

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IAS 12 Income Taxes outlines how income tax accounting is split into current tax and deferred tax. Current tax represents the income tax payable or recoverable for a period based on taxable profit or loss, with estimates accrued at period end and differences handled as over-provisions or under-provisions. The standard explains how credit and debit balances affect the statement of profit or loss. It also defines deferred tax as future tax consequences arising from transactions recognized in current and prior periods, emphasizing allocation across accounting periods.

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IAS 12 Income Taxes

May 8, 2026

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