Applying IFRS - EY

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Applying IFRS. IFRIC 21 Levies accounting for Levies June 2014. Contents In this issue: 1. Introduction ........................................ ....................................... 3. 2. Scope of IFRIC 21 ........................................ ............................... 3. 3. Recognition and measurement ........................................ ............ 8. Identification of the obligating event ...................................... 8. Timing and measurement of liability 10. 4. Recognition of an asset or expense ........................................ .... 12. 5. Interim reporting ........................................ .............................. 14. 6. Effective date and 20. June 2014 - accounting for Levies 1. What you need to know IFRIC 21 clarifies that an entity recognises a liability for a levy when the activity that triggers payment, as identified by the relevant legislation, occurs.

6 June 2014 - Accounting for Levies Question 2.3 - What are some examples of payments within the scope of other Standards? IFRIC 21.4(a) states that income taxes are within the scope of IAS 12 Income

  Standards, Accounting