Tax uncertainties in the United States
Filed Under: IFRS
KPMG’s guidance on and interpretation of IFRIC 23. KPMG explains the accounting for uncertain tax treatments in detail, providing examples and a comparison between US GAAP and IFRS guidance.
Applicability
Relevant dates
Effective for annual periods beginning on or after January 1, 2019, with earlier application permitted
Key impacts
- IFRIC 23 provides guidance on when to recognize uncertainties over income tax treatments
- Under IFRIC 23, a tax uncertainty is recognized if it is not probable that the tax authority will accept the tax treatment on examination
- This approach differs from US GAAP, which may result in a different accounting
Report contents
- Understanding the concepts
- Comparison
of ASC 740 and IFRIC 23
- Examples
- Disclosures