The International Accounting Standards Board (IASB) published 31 March 2009 for public comment an exposure draft of a proposed new standard on the accounting for income tax.

If adopted, the standard would replace the existing requirements in IAS 12 Income Taxes.

Although the proposed standard retains the same principle, 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.