Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 7/06/2012

IFRS In the Headlines

IFRS In the Headlines
In the Headlines (formerly IFRS Briefing Sheets) provide a timely update on International Financial Reporting Standards (IFRS) developments.

Proposed guidance for accounting on levies (2012/07) 

Levies have become more common in recent years with public authorities in a number of jurisdictions introducing levies to raise additional income. The key accounting question for those who pay the levy is when to recognise a liability.

Draft Interpretation DI/2012/1 Levies Charged by Public Authorities on Entities that Operate in a Specific Market issued on 31 May 2012.

 

No effective date is proposed, although early adoption would be allowed. Retrospective application is proposed.

 

The comment period ends on 5 September 2012.