IAS 12 and IFRIC 23 developments
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In January 2016, the International Accounting Standards Board (IASB) issued amendments to IAS 12 Recognition of Deferred Tax Assets for Unrealised Losses to clarify the accounting for deferred tax assets for unrealised losses on debt instruments measured at fair value. The amendments are intended to remove existing divergence in practice in recognizing deferred tax assets for unrealized losses.
In June 2017, the IASB issued IFRIC 23 Uncertainty over Income Tax Treatments, which interprets the requirements of IAS 12 Income Taxes. With IFRIC 23, the IASB sought to address key concerns related to the accounting for uncertain tax positions.
Join a panel of EY professionals as they explore the requirements and impacts of:
- Amendments to IAS 12 Recognition of Deferred Tax Assets for Unrealised Losses
- IFRIC 23 Uncertainty over Income Tax Treatments and an agenda decision on Interest and penalties related to income taxes
Ernst & Young
Marco Mühlemann is an Associate Partner in the Tax Services Group at Ernst & Young in Zurich. He specializes in tax accounting & reporting and international tax advisory services. He has 15 years’ experience and has worked in Switzerland and the United States. He is responsible for the audit of the income tax accounts of various multinational groups.
He has also gained practical tax accounting & reporting experience in his previous role as a Director Tax Accounting & Reporting in the in-house tax group of a large multinational financial services group.
Marco holds a master degree from the University of St. Gallen and an LL.M. (International Tax Law) from the University of Zurich. Additionally, he is a certified Swiss tax expert.
Ernst & Young
Mike Bonham is an Associate Partner in the Financial Reporting Group at Ernst & Young in the UK. In this role, he is also author of the Income Taxes chapter in International GAAP 2017 and a member of the EY Global subject matter group for Income Taxes. He has 32 years’ experience with in the Assurance Practice of EY, the last 18 of which in the Financial Reporting Group.
His other areas of specialism include provisions, interim reporting, segmental reporting and accounting for service concession arrangements. He has worked with clients in the transportation, hospitality, tourism, mining and engineering sectors.
Mike is a Fellow of the Institute of Chartered Accountants in England and Wales and holds an honours degree from the University of Newcastle upon Tyne in Accounting and Financial Analysis.
Ernst & Young
Pieter Dekker is an Associate Partner in the Financial Reporting Group and the Global IFRS Service group at Ernst & Young in London. In this role , he is also member of the EY Global subject-matter groups for Income Taxes and Revenue Recognition. He has 26 years’ experience and has worked in the United Kingdom, Belgium, Netherlands and United States.
He has worked with extensively with clients in the oil & gas and mining industries. Previously, he worked for the European Commission and for the European Financial Reporting Advisory Group (EFRAG).
Pieter holds a degree from the University of Amsterdam and he qualified as a Register Accountant with the Dutch NBA and as a Chartered Accountant with the Institute of Chartered Accountant of Scotland.
Ernst & Young
Luci Wright is an Associate Partner in Global IFRS at Ernst & Young in London. She is in the Global IFRS Leadership Team, Vice Chair of the Business Combinations subject matter group and runs the Conceptual Framework subject matter group.
Luci qualified as a Chartered Accountant in South Africa and she has 25 years of experience both in the accounting profession and in financial reporting; working with IFRS for the last 15 years. She spent 3 years at the International Accounting Standards Board in London (2008-2011), working on the Revenue Recognition project and on the IFRIC team. She has been in this position at EY for the last 6 years.