Of the following, which is a key standard or interpretation for the accounting for income taxes under IFRS?
IFRIC 23 Uncertainty over Income Tax Treatments
A. ASC 740, Income Taxes
B. IAS 37 Provisions, Contingent Liabilities and Contingent Assets
C. ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
IFRIC 23 Uncertainty over Income Tax Treatments
The key standard for the accounting of income taxes under IFRS is IFRIC 23, which addresses uncertainty over income tax treatments. Therefore, the correct answer is:
A. IFRIC 23 Uncertainty over Income Tax Treatments
ASC 740, Income Taxes is a standard under US GAAP, not IFRS. IAS 37 relates to provisions, contingent liabilities, and contingent assets, not specifically to income taxes. ASU 2019-12 is an update to the US GAAP's Income Taxes (ASC 740) and also does not pertain to income taxes under IFRS.
