Australian Taxation Office

New or updated materials on ATO website, including:

Accounting for uncertain tax positions

On 21 October 2015, the International Accounting Standards Board released a Draft Interpretation "Uncertainty over Income Tax Treatments" which provides guidance on how to account for uncertain tax positions (ie the IFRS equivalent of the US GAAP interpretation, ASC 740 – 10/formerly FIN 48). Although the Interpretation is only in draft form, many entities may wish to take early action to assess its impact on their financial statements, and may wish to adopt it early. Refer to the PwC summary of the suggested phases for implementing the Interpretation, including an illustrative estimate of the time required to complete each phase.

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