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On 3 November 2021, at COP26, the IFRS Foundation Trustees announced the creation of the International Sustainability Standards Board (ISSB).
The ISSB will deliver a global baseline of sustainability disclosures to meet capital market needs.
After its 2011 Agenda Consultation, the Board included in its research programme a project that investigated the causes of problems faced by preparers and users of financial statements that arise in applying IAS 12 Income Taxes. It also assessed whether, and if so how, the Board should consider addressing those issues.
Following feedback in the 2015 Agenda Consultation and a review of the research findings, the Board decided in May 2016:
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