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.

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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

Chartered Professional Accountants of Canada (CPA Canada) annually offers its views on priorities for the federal budget. Review past submissions of pre-budget briefs and consultations, and post-budget release opinions and commentary.

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