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The IASB published an exposure draft of a proposed new standard on the accounting for income tax which would replace the existing requirements in IAS 12.
The proposed standard retains the basic approach to accounting for income tax, known as the temporary difference approach. The IASB proposes to remove most of the exceptions in IAS 12, to simplify the accounting and strengthen the principle in the standard. In addition, the IASB proposes a changed structure for the standard that will make it easier to use.