The IASB issued amendments to IAS 12 Income Taxes. The amendments, Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12), clarify how to account for deferred tax assets related to debt instruments measured at fair value.

Entities are required to apply the amendments for annual periods beginning on or after 1 January 2017. Earlier application is permitted.

For further information, please refer to the IASB website.