diff --git a/compiler/ir/ir.actualization/src/main/kotlin/org/jetbrains/kotlin/backend/common/actualizer/IrActualizationErrors.kt b/compiler/ir/ir.actualization/src/main/kotlin/org/jetbrains/kotlin/backend/common/actualizer/IrActualizationErrors.kt
index 25874a754dc..471bebb3e42 100644
--- a/compiler/ir/ir.actualization/src/main/kotlin/org/jetbrains/kotlin/backend/common/actualizer/IrActualizationErrors.kt
+++ b/compiler/ir/ir.actualization/src/main/kotlin/org/jetbrains/kotlin/backend/common/actualizer/IrActualizationErrors.kt
@@ -14,7 +14,7 @@ import org.jetbrains.kotlin.ir.IrDiagnosticRenderers
 import org.jetbrains.kotlin.ir.declarations.IrValueParameter
 import org.jetbrains.kotlin.ir.expressions.IrConstructorCall
 import org.jetbrains.kotlin.ir.symbols.IrSymbol
-import org.jetbrains.kotlin.ir.types.classFqName
+import org.jetbrains.kotlin.ir.util.RenderIrElementVisitorForDiagnosticText
 import org.jetbrains.kotlin.platform.isCommon
 import org.jetbrains.kotlin.resolve.multiplatform.ExpectActualAnnotationsIncompatibilityType
 import org.jetbrains.kotlin.resolve.multiplatform.ExpectActualCheckingCompatibility
@@ -80,14 +80,21 @@ internal object IrActualizationDiagnosticRenderers {
     }
     val EXPECT_ACTUAL_ANNOTATION_INCOMPATIBILITY =
         Renderer { incompatibilityType: ExpectActualAnnotationsIncompatibilityType<IrConstructorCall> ->
-            val expectAnnotationFqName = incompatibilityType.expectAnnotation.type.classFqName ?: "<unknown>"
+            val expectAnnotation = ANNOTATION.render(incompatibilityType.expectAnnotation)
             val reason = when (incompatibilityType) {
                 is ExpectActualAnnotationsIncompatibilityType.MissingOnActual -> "is missing on actual declaration"
-                is ExpectActualAnnotationsIncompatibilityType.DifferentOnActual -> "has different arguments on actual declaration"
+                is ExpectActualAnnotationsIncompatibilityType.DifferentOnActual -> {
+                    val actualAnnotation = ANNOTATION.render(incompatibilityType.actualAnnotation)
+                    "has different arguments on actual declaration: `$actualAnnotation`"
+                }
             }
-            "Annotation `$expectAnnotationFqName` $reason"
+            "Annotation `$expectAnnotation` $reason"
         }
 
+    private val ANNOTATION = Renderer<IrConstructorCall> {
+        "@" + RenderIrElementVisitorForDiagnosticText.renderAsAnnotation(it)
+    }
+
     @JvmField
     val MODULE_WITH_PLATFORM = Renderer<ModuleDescriptor> { module ->
         val platform = module.platform
diff --git a/compiler/ir/ir.tree/src/org/jetbrains/kotlin/ir/util/RenderIrElement.kt b/compiler/ir/ir.tree/src/org/jetbrains/kotlin/ir/util/RenderIrElement.kt
index a81202ce977..49126f69776 100644
--- a/compiler/ir/ir.tree/src/org/jetbrains/kotlin/ir/util/RenderIrElement.kt
+++ b/compiler/ir/ir.tree/src/org/jetbrains/kotlin/ir/util/RenderIrElement.kt
@@ -26,7 +26,7 @@ import org.jetbrains.kotlin.utils.addToStdlib.ifTrue
 fun IrElement.render(options: DumpIrTreeOptions = DumpIrTreeOptions()) =
     accept(RenderIrElementVisitor(options), null)
 
-class RenderIrElementVisitor(private val options: DumpIrTreeOptions = DumpIrTreeOptions()) :
+open class RenderIrElementVisitor(private val options: DumpIrTreeOptions = DumpIrTreeOptions()) :
     IrElementVisitor<String, Nothing?> {
 
     private val variableNameData = VariableNameData(options.normalizeNames)
diff --git a/compiler/ir/ir.tree/src/org/jetbrains/kotlin/ir/util/RenderIrElementVisitorForDiagnosticText.kt b/compiler/ir/ir.tree/src/org/jetbrains/kotlin/ir/util/RenderIrElementVisitorForDiagnosticText.kt
new file mode 100644
index 00000000000..8b961a8a221
--- /dev/null
+++ b/compiler/ir/ir.tree/src/org/jetbrains/kotlin/ir/util/RenderIrElementVisitorForDiagnosticText.kt
@@ -0,0 +1,34 @@
+/*
+ * Copyright 2010-2023 JetBrains s.r.o. and Kotlin Programming Language contributors.
+ * Use of this source code is governed by the Apache 2.0 license that can be found in the license/LICENSE.txt file.
+ */
+
+package org.jetbrains.kotlin.ir.util
+
+import org.jetbrains.kotlin.ir.expressions.IrClassReference
+import org.jetbrains.kotlin.ir.expressions.IrConstructorCall
+import org.jetbrains.kotlin.ir.expressions.IrGetEnumValue
+import org.jetbrains.kotlin.ir.types.classOrFail
+
+/**
+ * This class can be used to beautifully print IR elements for compiler diagnostics, unlike
+ * the original [RenderIrElementVisitor] which is used in tests for rendering tree dumps.
+ */
+class RenderIrElementVisitorForDiagnosticText private constructor() : RenderIrElementVisitor() {
+    override fun visitClassReference(expression: IrClassReference, data: Nothing?): String {
+        val className = expression.classType.classOrFail.owner.name
+        return "$className::class"
+    }
+
+    override fun visitGetEnumValue(expression: IrGetEnumValue, data: Nothing?): String {
+        val className = expression.type.classOrFail.owner.name
+        val entryName = expression.symbol.owner.name
+        return "$className.$entryName"
+    }
+
+    companion object {
+        fun renderAsAnnotation(annotation: IrConstructorCall): String {
+            return RenderIrElementVisitorForDiagnosticText().renderAsAnnotation(annotation)
+        }
+    }
+}
diff --git a/compiler/testData/diagnostics/tests/multiplatform/actualAnnotationsNotMatchExpect/annotationArgRendering.fir.kt b/compiler/testData/diagnostics/tests/multiplatform/actualAnnotationsNotMatchExpect/annotationArgRendering.fir.kt
index b96046cbf82..d94f9b6682c 100644
--- a/compiler/testData/diagnostics/tests/multiplatform/actualAnnotationsNotMatchExpect/annotationArgRendering.fir.kt
+++ b/compiler/testData/diagnostics/tests/multiplatform/actualAnnotationsNotMatchExpect/annotationArgRendering.fir.kt
@@ -19,11 +19,11 @@ expect fun kclassArg()
 
 // MODULE: m1-jvm()()(m1-common)
 // FILE: jvm.kt
-<!ACTUAL_ANNOTATIONS_NOT_MATCH_EXPECT("Ann; Ann; Annotation `kotlin.annotation.Target` is missing on actual declaration")!>actual annotation class Ann<!>
+<!ACTUAL_ANNOTATIONS_NOT_MATCH_EXPECT("Ann; Ann; Annotation `@Target(allowedTargets = [AnnotationTarget.FUNCTION, AnnotationTarget.CLASS])` is missing on actual declaration")!>actual annotation class Ann<!>
 
-<!ACTUAL_ANNOTATIONS_NOT_MATCH_EXPECT("stringConcat; stringConcat; Annotation `Ann2` is missing on actual declaration")!>actual fun stringConcat() {}<!>
+<!ACTUAL_ANNOTATIONS_NOT_MATCH_EXPECT("stringConcat; stringConcat; Annotation `@Ann2(s = '12')` is missing on actual declaration")!>actual fun stringConcat() {}<!>
 
 // Not reported in K1, because supported starting from K2
-<!ACTUAL_ANNOTATIONS_NOT_MATCH_EXPECT("onType; onType; Annotation `Ann2` is missing on actual declaration")!>actual fun onType(): Any? = null<!>
+<!ACTUAL_ANNOTATIONS_NOT_MATCH_EXPECT("onType; onType; Annotation `@Ann2(s = '')` is missing on actual declaration")!>actual fun onType(): Any? = null<!>
 
-<!ACTUAL_ANNOTATIONS_NOT_MATCH_EXPECT("kclassArg; kclassArg; Annotation `Ann3` is missing on actual declaration")!>actual fun kclassArg() {}<!>
+<!ACTUAL_ANNOTATIONS_NOT_MATCH_EXPECT("kclassArg; kclassArg; Annotation `@Ann3(kclass = String::class)` is missing on actual declaration")!>actual fun kclassArg() {}<!>
diff --git a/compiler/testData/diagnostics/tests/multiplatform/actualAnnotationsNotMatchExpect/checkDiagnosticFullText.fir.ir.diag.txt b/compiler/testData/diagnostics/tests/multiplatform/actualAnnotationsNotMatchExpect/checkDiagnosticFullText.fir.ir.diag.txt
index e5b043f4e02..ab8d1730c84 100644
--- a/compiler/testData/diagnostics/tests/multiplatform/actualAnnotationsNotMatchExpect/checkDiagnosticFullText.fir.ir.diag.txt
+++ b/compiler/testData/diagnostics/tests/multiplatform/actualAnnotationsNotMatchExpect/checkDiagnosticFullText.fir.ir.diag.txt
@@ -1,26 +1,26 @@
-/jvm.kt:(94,114): warning: Annotation `Ann` is missing on actual declaration.
+/jvm.kt:(94,114): warning: Annotation `@Ann` is missing on actual declaration.
 All annotations from expect `OnClass` must be present with the same arguments on actual `OnClass`, otherwise they might behave incorrectly.
 
-/jvm.kt:(144,168): warning: Annotation `Ann` is missing on actual declaration.
+/jvm.kt:(144,168): warning: Annotation `@Ann` is missing on actual declaration.
 All annotations from expect `OnMember.onMember` must be present with the same arguments on actual `OnMember.onMember`, otherwise they might behave incorrectly.
 
-/jvm.kt:(196,244): warning: Annotation `Ann` is missing on actual declaration.
+/jvm.kt:(196,244): warning: Annotation `@Ann` is missing on actual declaration.
 All annotations from expect `ViaTypealias` must be present with the same arguments on actual `ViaTypealiasImpl`, otherwise they might behave incorrectly.
 
-/jvm.kt:(301,371): warning: Annotation `Ann` is missing on actual declaration.
+/jvm.kt:(301,371): warning: Annotation `@Ann` is missing on actual declaration.
 All annotations from expect `MemberScopeViaTypealias.foo` must be present with the same arguments on actual `MemberScopeViaTypealiasImpl.foo`, otherwise they might behave incorrectly.
 
-/jvm.kt:(373,427): warning: Annotation `WithArg` has different arguments on actual declaration.
+/jvm.kt:(373,427): warning: Annotation `@WithArg(s = 'str')` has different arguments on actual declaration: `@WithArg(s = 'other str')`.
 All annotations from expect `withDifferentArg` must be present with the same arguments on actual `withDifferentArg`, otherwise they might behave incorrectly.
 
-/jvm.kt:(429,468): warning: Annotation `Ann` is missing on actual declaration.
+/jvm.kt:(429,468): warning: Annotation `@Ann` is missing on actual declaration.
 All annotations from expect `inValueParam` must be present with the same arguments on actual `inValueParam`, otherwise they might behave incorrectly.
 
-/jvm.kt:(470,501): warning: Annotation `Ann` is missing on actual declaration.
+/jvm.kt:(470,501): warning: Annotation `@Ann` is missing on actual declaration.
 All annotations from expect `inTypeParam` must be present with the same arguments on actual `inTypeParam`, otherwise they might behave incorrectly.
 
-/jvm.kt:(503,535): warning: Annotation `Ann` is missing on actual declaration.
+/jvm.kt:(503,535): warning: Annotation `@Ann` is missing on actual declaration.
 All annotations from expect `<get-onGetter>` must be present with the same arguments on actual `<get-onGetter>`, otherwise they might behave incorrectly.
 
-/jvm.kt:(537,569): warning: Annotation `Ann` is missing on actual declaration.
+/jvm.kt:(537,569): warning: Annotation `@Ann` is missing on actual declaration.
 All annotations from expect `onType` must be present with the same arguments on actual `onType`, otherwise they might behave incorrectly.