Beyond the GAAP 112
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Beyond the GAAP 112
June 2017 saw the publication of IFRIC 23 – Uncertainty over Income Tax Treatments. According to this Interpretation, entities must now assume that any uncertainty over income tax treatments will be examined by the taxation authorities, and must consider the probable outcome of such examination when determining the amount of income tax to be recognised in the financial statements.
As we come up to the interim closing of accounts, we review the financial reporting on the implementation of IFRS 9 published by industrial and commercial companies at year-end 2016. This is a timely reminder that the effective date of the new standard is just over the horizon, and regulators are expecting more detailed financial reporting at 30 June 2017!
Finally, the IASB’s website www.ifrs.org got a facelift in June. Unfortunately for regular readers of our newsletter, this means that the links included in issues prior to no. 111 (May 2017) will no longer work. However, all the relevant information on topics we have covered recently has been transferred to the new site, or will appear there in the near future.
Enjoy your reading!
Themenübersicht
Highlights
- IFRS Highlights
- Crossword
A Closer Look
- Companies’ financial reporting at year-end 2016 on the expected impacts of implementation of IFRS 9 on 1 January 2018
- IFRIC 23 and uncertainty over income tax treatments (Interpretation of IAS 12)