ESMA sets out expectations regarding the application of IAS12

The European Securities and Markets Authority has issued the public statement to promote the consistent application of IFRS across the EU Member States.

ESMA referenced the following topics in its public statements:

1. The assessment of probability that future taxable profits will be available as assessed through paragraph 36 of IAS12;
2. The assessment on whether the expectations of future taxable profits have convincing supporting evidence as per paragraph 35 of IAS12; and
3. Disclosures.

ESMA Public Statement can be fond at the following link: https://www.mfsa.com.mt/wp-content/uploads/2019/07/esma32-63-743_public_statement_on_ias_12.pdf )