close

Newsroom

Overview of IFRIC23: Uncertainty over Income Tax Treatments and what this means

1st February 2018

MGI World Wooden cubes Global IFRS image 518x362

MGI Worldwide’s Global IFRS Group has prepared a short paper that provides an overview of IFRIC 23 to help fellow members in their discussions with their clients.

IFRIC 23 is the IASB’s equivalent of US GAAP interpretation ASC 740-10 (formerly FIN 48) and was issued in June 2017. It is applicable for reporting periods beginning on or after 1 January 2019. Early adoption is permitted. 

IFRIC 23 addresses an observed diversity in practice of recognition and measurement of income tax liabilities (or assets) when there is uncertainty in the application of the tax law, i.e. when there is uncertainty over whether the tax authorities accept the tax positions taken by the reporting entity. IFRIC 23 applies to current and deferred income taxes and gives guidance on necessary disclosures.

Contact MGI Worldwide’s Global IFRS Experts

MGI Worldwide’s team of Global IFRS Experts deal with IFRS on a daily basis, share knowledge and best practices, and ensure the correct application of IFRS on a global consistent basis. For more information visit www.mgiworld.com/globalifrs 

DOWNLOAD THE IFRIC23 PAPER HERE 

IFRIC 23 MGI Global IFRS Group cover image

Read more on Member white papers and Europe

MGI World Blue abstract line graphic with Global IFRS Specialist Group text

Global IFRS Group reports on the Treatment of financial assets that are debt instruments under IFRS 9 ‘Financial Instruments'

16th April 2021

In this, the latest white paper from our Global IFRS Group, Jane Lowden from F.W. Smith, Riches...

MGI World Image of red square turrets with text overlay

Moscow-based MGI Worldwide CPAAI member firm DELOVOY PROFIL Group, shares informative insights into the Russian accounting market and the effects of the pandemic on business

12th April 2021

For members interested in business in Russia, Daria Perkovskaya, Partner for audit and consulting...

MGI World Poland VAT 518X362

New VAT Opportunity available in Poland: Find out more from Warsaw-based MGI Worldwide network member Arena Tax

25th March 2021

A new opportunity has arisen in relation to the recovery of interest on belatedly recognised...