The IASB recently issued a new Interpretation on Uncertain Tax Treatments (IFRIC 23). In short, it is the IFRS equivalent of the US GAAP Interpretation, ASC 740 (formerly FIN 48).
IFRIC 23 was ratified in the IASB meeting on 16-17 May 2017, and issued on 7 June 2017. It will be effective for annual reporting periods beginning on or after 1 January 2019, with early adoption permitted. We anticipate that many entities will wish to take early action to assess its impact on their IFRS financial statements, and some may wish to adopt it early.
We have prepared a paper which briefly discusses the Interpretation and sets out an action plan for companies to consider. We have already received a number of questions from clients about the implications of the Interpretation.
The paper is available here.
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