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ESMA publishes expectations regarding the application of IAS 12 ‘Income Taxes’

16/07/2019

The European Securities and Markets Authority (ESMA) has published a Public Statement setting out its expectations regarding the application of the requirements relating to the recognition, measurement and disclosure of deferred tax assets arising from unused tax losses in IFRS financial statements.

The Public Statement stems from the findings and discussions of the European Enforcers Coordination Sessions (EECS) where a number of cases highlighted that significant divergence exists in the application and enforcement of the requirements on deferred tax losses arising from unused tax losses carried forward.

IAASA is an active participant in EECS. The objective of EECS is to co-ordinate European enforcement activities in order to increase convergence amongst European national accounting enforcers and contribute to fostering investor confidence.

The ESMA Public Statement on IAS 12 Income Taxes can be accessed here.

 

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