The evolutionary development of IAS 12 “Income Taxes” has covered a long way and also inspired several reporting frameworks all over the world. The reporting of income tax in the financial statements of an entity has always been a much debatable issue under different financial reporting frameworks including international scenario developed by IASB. Since its inception, it has covered a journey from flow through accounting leading to partial provision and at last to full provision accounting. The reporting aspects of income tax and specially deferred tax were and even today are by hook or by crook different under several financial reporting frameworks specifically under FRSs, the reporting framework in UK, issued by ASB. The main focus in Pakistan and international scenario is IAS 12 “Income Taxes” but the study of most accomplished frameworks prevailing since the very beginning is of much import to understand the current sketch of IAS 12. These proficient reporting frameworks are mainly FRSs, standards issued by AASB and US reporting standards conventionally known as SFASs or US GAAP.