European Union formally adopts IFRIC 23

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24 Oct 2018

The European Union has published a Commission Regulation endorsing IFRIC 23 'Uncertainty over Income Tax Treatments'.

IFRIC 23 was developed by the IFRS Interpretations Committee to clarify the accounting for uncertainties in income taxes. 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.

The European Union effective date is the same as the IASB's (1 January 2019).

The Commission Regulation amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council was published in the Official Journal of the European Union on 24 October 2018.

As a result of the EU's adoption, the EFRAG has updated its endorsement status report.

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