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AASB 112 - Income Taxes
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Summary 
Developments, Key Differences & History 
Compared to IFRS 
Interpretations 
Rejection Notices 
Questions & Answers 
Articles 
AASB website 

 
Developments
  • AASB Developments
       
    • March 2008 
      AASB 2008-3 was issued in March 2008 and makes various amendments as a result of the issuance of the revised AASB 3 and the amendments made to AASB 127. It is applicable from 1 July 2009, with early adoption permitted from 30 June 2007, provided the revised AASB 3 and the amendments to AASB 127 are also early adopted.
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    • December 2009 
      AASB 2009-12 Amendments to Australian Accounting Standards makes editorial amendments to reflect the changes made to IFRSs by the IASB. It is applicable to annual reporting periods beginning 1 January 2011, with early adoption permitted.
     
  • IASB Developments 
     
    At the joint IASB and FASB meeting in October 2009, the Boards considered a summary of the comments received by the IASB in response to the proposals for a revised Income Taxes standard exposed by the IASB in early 2009. The Boards indicated that they would consider undertaking a fundamental review of accounting for income taxes at some time in the future. In the meantime, the IASB will look into priority issues for a short-term project and consider possibilities for short-term convergence. 
Key Differences 
 
There are no key differences available for this standard. 
 
History
  • July 2004: AASB 112 was issued.
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  • September 2005: AASB 2005-11 amends paragraph 15(b) and deletes paragraph 15(c) and is applicable to reporting periods ending on or after 31 December 2005, with early adoption permitted from 1 January 2005.
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  • April 2007: AASB 2007-4 was issued and is applicable from 1 July 2007, with early adoption permitted from 1 January 2005.
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  • September 2007: AASB 2007-8 was issued and makes amendments arising from the issuance of the revised AASB 101. It is applicable from 1 January 2009, with early adoption permitted from 1 January 2005, provided the revised AASB 101 is also early adopted.
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  • December 2007: AASB 2007-10 Further Amendments to Australian Accounting Standards arising from AASB 101 makes further consequential amendments to change the term ‘general purpose financial report’ to ‘general purpose financial statements’ and the term ‘financial report’ to ‘financial statements’ to better align with IFRS terminology. It is applicable from 1 January 2009, with early application permitted, provided the revised AASB 101 is also early adopted.
Compiled Standards 
A list of the omnibus amending standards that have affected this standard since its release are included here as is the date when the relevant changes become operative.  
 
Omnibus amending standards are available on the AASB website as are compiled standards incorporating omnibus amendments as soon as they are completed by the AASB. Details of the changes made by each omnibus are summarised in ANT and Charter’s "The Panel" as they are released. For a quick overview of the new material applying at 30 June 2009 click here.