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The QCA Financial Reporting Committee drafted this response to the International Accounting Standards Board's consultation on revisions to income tax accounting standard.  The QCA noted that there are some practical issues for smaller quoted companies under the proposed changes with regard to uncertain tax positions, the removal of the initial recognition exemption, the removal of ‘backward tracing’ for amounts taken to Other Comprehensive Income (“OCI”) or equity, deferred tax on investments in subsidiaries, associates and Joint Ventures (“JVs”), and balance sheet classification.

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