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IFRS Alert - Uncertainty over Income Tax Treatments

The IFRS Interpretations Committee (IFRIC) has published a new Interpretation IFRIC 23 ‘Uncertainty over Income Tax Treatments’, specifying how entities should reflect uncertainty in accounting for income taxes.

IAS 12 ‘Income Taxes’ specifies how to account for current and deferred tax but not how to reflect the effects of uncertainty. IFRIC 23 addresses this previous lack of guidance.