IFRIC 21 Levies: Reporting alert

The IASB has published a new Interpretation IFRIC 21 Levies. Learn about this new interpretation and when to recognize a liability for a levy imposed by a government.

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CPA Canada Financial Reporting Alert - IFRIC 21 explains the new Interpretation IFRIC 21 Levies by:

  • highlighting the basic requirements of IFRIC 21
  • considering possible business implications
  • suggesting an action plan to implement the interpretation

Learn when to recognize a liability for a levy imposed by a government for:

  • levies accounted for in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets
  • levies where the timing and amount is certain