IASC approves revised income tax standard
The IASC, meeting in Barcelona this week, has approved the revised Standard on Income Tax, which will replace IAS12. The ASB has been vocal in its opposition to several points in the standard. The Board also approved an Exposure Draft on Employee Benefits, which is a review of IAS19. The draft embraces the important issue of employee pension provisions. The Board also agreed to set up a committee to give a view on international accounting standards, and help smooth the way for future IASs.