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IFRIC 23: Accounting for Uncertainties in Income Taxes (IAS 12) [Completed]

Effective date:

IFRIC 23 is effective for annual reporting periods beginning on or after January 1, 2019. Earlier application is permitted.

Transitional provisions:

The requirements are applied by recognizing the cumulative effect of initially applying them in retained earnings, or in other appropriate components of equity, at the start of the reporting period in which an entity first applies them, without adjusting comparative information. Full retrospective application is permitted, if an entity can do so without using hindsight.

Last updated:

September 2017

Overview

The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12.

 

Other developments

September 2017

In September 2017, the AcSB included IFRIC 23 in the CPA Canada Handbook.

June 2017

On June 7, 2017, the IASB published IFRIC 23, Uncertainty over Income Tax Treatments developed by the IFRS Interpretations Committee to clarify the accounting for uncertainties in income taxes.

March 2017

On March 23, 2017, the IASB staff updated the Work Plan in respect of this project to indicate that this project is now in a drafting stage and that the IASB expects to publish the final IFRIC Interpretation in June 2017.

November 2016

On November 18, 2016, the IASB staff updated the Work Plan in respect of this project to indicate that the IASB expects to issue the final IFRIC before May 31, 2017.

July 2016

On September 23, 2016, the IASB staff updated the Work Plan in respect of this project to indicate that the IASB expects to issue the IFRIC Interpretation sometime after March 31, 2017.

July 2016

On July 20, 2016, the IASB staff updated the Work Plan in respect of this project to indicate that the IASB expects to decide the project direction sometime before October 31, 2016.

June 2016

In June 2016, the IASB staff updated the Work Plan to indicate that the direction of this project will be decided in Q3/2016.

November 2015

On November 12, 2015, the AcSB issued a Draft Interpretation that corresponds to the proposed IFRIC Interpretation issued by the International Accounting Standards Board’s IFRS Interpretations Committee on this topic. Stakeholders are encouraged to submit their comments by January 19, 2016.

October 2015

On October 21, 2015, the IASB's IFRS Interpretations Committee published a draft interpretation Uncertainty over Income Tax Treatments. Comments are requested by January 19, 2016.

 

Correction list for hyphenation

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