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.
4 June 2014 - Accounting for Levies Extract from IFRIC 21 (b) fines or other penalties that are imposed for breaches of the legislation. 'Government' refers to government, government agencies and similar
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