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IFRS Interpretations Committee agrees to finalize guidance for uncertain tax positions.

The IFRS Interpretations Committee has agreed to finalize amendments to its income tax guidance addressing uncertain tax positions. The draft version of the amendments asks whether the uncertain tax positions should be considered separately or collectively, whether the tax agency that is authorized to examine the reported amounts will have full knowledge of all the information related to them during its examination of an entity's financial statements, and the likelihood that the tax agency will accept the amounts reported in the financial statements. The committee agreed to make the amendments effective in 2019, and it also agreed to permit early adoption. The IASB staff expects to have the final amendment published in the second quarter of 2017.

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Title Annotation:IASB News; International Financial Reporting Standards
Publication:The CPA Journal
Article Type:Brief article
Geographic Code:1USA
Date:Dec 1, 2016
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