Which statement accurately reflects the disclosure obligations under IFRS 12 compared to UK GAAP?

The chosen answer highlights that IFRS mandates specific disclosures regarding associates and joint ventures, which is central to the requirements outlined in IFRS 12.

Under IFRS 12, there is a clear framework established for the disclosure of interests in other entities, particularly focusing on associates and joint ventures. This includes requirements for reporting the nature of the relationship, the level of involvement, and summarizing financial information about these entities, which is crucial for users of financial statements to understand the impact of these investments on the reporting entity's financial position and performance.

These disclosures enhance transparency and comparability among companies by providing stakeholders with insight into potential risks and returns associated with investments in such entities. This requirement contrasts with the UK GAAP, which has its own disclosure frameworks but does not necessitate the same level of detail for associates and joint ventures as IFRS 12 does.

The other options do not accurately represent the differences in disclosure obligations. IFRS 12 indeed specifies distinct disclosures that need to be made, while UK GAAP has fewer requirements in that area. Therefore, option C captures the essence of what IFRS necessitates, making it the correct choice.