The International Accounting Standards Board (the Board) has today issued IFRIC 23 Uncertainty over Income Tax Treatments to specify how to reflect uncertainty in accounting for income taxes. As reported by The Standard.

IFRIC Interpretations (Interpretations) form part of the authoritative IFRS requirements. They are developed by the IFRS Interpretations Committee to provide requirements on specific application issues and are ratified by the Board.

It may be unclear how tax law applies to a particular transaction or circumstance, or whether a taxation authority will accept a company’s tax treatment. IAS 12 Income Taxes specifies how to account for current and deferred tax, but not how to reflect the effects of uncertainty. IFRIC 23 provides requirements that add to the requirements in IAS 12 by specifying how to reflect the effects of uncertainty in accounting for income taxes.

The Interpretation is effective from 1 January 2019 and can be accessed here. [eIFRS Premium required]

Visit TheGAAP.net daily to be kept up to date on accounting information, trends and changes.

 

For years, TheGAAP.net has provided Accounting; articles, surveys, employment opportunities, resource recommendations and accounting services by some of the best known speakers, companies and authors.

 

Now TheGAAP.net is also the provider of up to date accounting information, trends and changes, serving Accountants and Business people interested in Accounting for their businesses.

TheGAAP.net is best known for “Filling in the Gaps for Canadian Accountants”.

Follow us as we fill in the Gaps for:

• IFRS & other accounting regulatory changes
• updated Accounting information
• changes in Accounting
• trends in Accounting
• other accounting best practices, and any other business issues affecting Accountants and Business people

We will fill the Gap by providing updates, articles, books, online resources, workshops, seminars and webinars.

IFRS is one of our specialties and our IFRS expert, Mike Morley, will provide skillful & knowledgeable direction for all. Mike Morley is a Certified Public Accountant with a recognized authority in the field of Finance including IFRS and SOX implementation. Mike Morley is also an entertaining and informative speaker, the author of IFRS Simplified and is one of the best to offer invaluable information.

Sign up today to be kept up to date on relevant accounting information, trends and changes at no cost.