Global Standards for the world economy

Tuesday 18 December 2018

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Interest and penalties related to income taxes


 Work in progress—Tentative agenda decision

Interest and penalties related to income taxes

IFRS Standards do not specifically address the accounting for interest and penalties related to income taxes (interest and penalties). Respondents to the draft IFRIC Interpretation Uncertainty over Income Tax Treatments said that entities apply either IAS 12 or IAS 37 Provisions, Contingent Liabilities and Contingent Assets to interest and penalties.

Board deliberations