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Details

  • Service: Audit, IFRS
  • Type: Business and industry issue
  • Date: 5/20/2013

Greater clarity on levy accounting 

Levies have become more common in recent years, with governments in a number of jurisdictions introducing levies to raise additional income. A new interpretation has provided more clarity as to when a liability for a levy should be recognised.


The IFRS Interpretations Committee has defined the term 'levy' and confirmed that the trigger for recognising a liability is the obligating event specified in the legislation.

 

 

Read our In the Headlines to understand how to apply the interpretation.

Liabilities for levies (2013/09)

Feature image
Levies have become more common in recent years, with governments in a number of jurisdictions introducing levies to raise additional income.

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