EFRAG issues draft endorsement advice on IFRIC 23

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

03 Aug, 2017

The European Financial Reporting Advisory Group (EFRAG) has issued for comment its draft endorsement advice for the use of IFRIC Interpretation 23 ‘Uncertainty over Income Tax Treatments’ in the European Union (EU).

In June 2017, the IASB published IFRIC 23 to clarify the accounting for uncertainties in income taxes.

EFRAG recommends the endorsement of IFRIC 23.  EFRAG’s initial assessment is that IFRIC 23 meets the technical requirements of the Regulation (EC) No 1606/2002 of the European Parliament and of the Council on the application of international accounting standards.  

EFRAG also considers that the overall benefits of IFRIC 23 are likely to outweigh the associated costs to implement them.

Comments are requested by 9 October 2017.

For more information, see the press release, draft endorsement advice and the invitation to comment on the EFRAG’s website.

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