ACCOUNTING MISC - Income Taxes (IAS 12) Governing Standard and Subsequent Application This part of the paper will be based on the application IAS 12 Income Taxes. In light of this, amendments of IAS 12 regarding the Income Tax Consequences of Payments on Financial Instruments Classified as Equity were disclosed in the financial statements as not affecting the said documents (refer to Figure 1.0). This stems from the fact that the dividends declared by ORNG Utilities Philippines, Inc. do not give rise to tax obligations under the current tax laws. Despite this, it had no significant impact on the financial statements. In contrast, the Philippine Interpretation IFRIC 23 Uncertainty over Income Tax Treatments was disclosed as one of the new accounting policies of the company, and is taken into account in the preparation of the financial statements (refer to Figure 1.1).