As India embarks the IFRS convergence exercise, we expect several implementation challenges in the area of income-taxes. Complications in accounting for income taxes continue to grow rapidly as every business decision has associated tax consequences that need specific focus. The amendments to IAS 19, Employee Benefits will have significant impact in the income statements of companies with large pools of employees enjoying defined benefit pension plans as actuarial gains and losses will no longer be permitted to be recognised through the income statement. This publication attempts to highlight some of such key challenges. As always, this edition also captures recent regulatory updates.
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