Viewpoints: Identifying levies (Oil & gas)

Learn which payments by an oil and gas company may fall within the scope of International Financial Reporting Interpretations Committee (IFRIC) 21 Levies.

Get your downloadable electronic copy.

Download Now

The scope of IFRIC 21 is broad and it is expected that all oil and gas entities will have to consider the requirements of IFRIC 21 to determine if they incur levies that are within its scope. If levies are incurred, oil and gas entities will also need to determine the impact of this Interpretation on the timing of liability recognition.

To help you better understand which payments may fall within the scope of IFRIC 21, read Viewpoints: Applying IFRSs in the Oil and Gas Industry — Identifying Levies in the Oil and Gas Industry.

What you will learn

Developed jointly by Chartered Professional Accountants of Canada (CPA Canada), the Canadian Association of Petroleum Producers and the Explorers and Producers Association of Canada, this paper considers the following questions:

  • What is a levy?
  • What are examples of levies in the oil and gas industry?
  • When is a liability to pay a levy recognized?
  • How are levies accounted for?

Highlights

Canada is celebrating its 150th anniversary. We’re celebrating you, Canadian CPAs. Tell us why you’re proud to be a Canadian CPA. Then watch for our big celebration in July.

Gain practical organizational insights and learn from industry experts at this annual event for not-for-profit financial leaders.