Ind AS 12 prescribes accounting treatment for income taxes. The principal issue in accounting for income taxes is how to account for the current and future tax consequences of future recovery of the carrying amount of assets (liabilities) that are recognized in an entity’s balance sheet and transactions and other events of the current period that are recognized in an entity’s financial statements.
Notable changes were made in Ind AS 12 in comparison to AS 22. Considering the time constraint and for ease of understanding it is important to address only those issues which are imperative for the one’s understanding. … Read more