Transcription of Applying IFRS - EY
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Applying IFRS - EY
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. The scope of this interpretation is very broad and captures various obligations, which are imposed by governments in accordance with legislation and sometimes not always described as levies.' Therefore, entities need to consider the nature of the payment carefully when determining if the payment is in the scope of IFRIC 21. A levy liability can only be accrued progressively if the activity that triggers payment occurs over a period of time, in accordance with the relevant legislation.
June 2014 - Accounting for Levies 5 Below are some frequently asked questions when applying the scoping paragraphs of IFRIC 21: Question 2.1 - Does IFRIC include only liabilities under IAS 37?
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