This release provides an update on a variety of accounting and reporting developments, including:
an update on income tax accounting topics added to the Financial Accounting Standards Board’s agenda
recent International Financial Reporting Standards Interpretation Committee’s (IFRS IC) guidance on some tax-related matters
state aid developments
enforcement priorities in relation to 2014 IFRS financial statements recently released by the European Securities and Markets Authority (ESMA).
We also draw your attention to some significant tax law and tax rate changes that occurred around the globe during the quarter ended December 2014, and discuss key tax accounting hot topics and year-end reminders.
Specifically with respect to the 2014 IFRS enforcement priorities, the public statement of the ESMA demonstrates that income taxes under IFRS are high on their current agenda. The ESMA states that organisations should be paying particular attention to recognition, measurement, and disclosure requirements for deferred tax assets on carry-forward tax losses, that a close watch should be kept on the IFRS IC developments on uncertain tax positions and that the follow-on consequences for disclosures should be considered.
The Newsletter can be consulted here.