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Sunday 23 November 2014

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Meeting summaries and observer notes

Meeting summaries and observer notes


 IASB April 2013


 

In May 2012, the Interpretations Committee published a draft Interpretation on the accounting for levies imposed by governments other than income taxes. The comment period ended on 5 September 2012.


At its March 2013 meeting, the Interpretations Committee completed its consideration of comments received and reached a consensus on the levies interpretation. The final interpretation addresses the accounting for liabilities to pay levies (other than income taxes within the scope of IAS 12 Income Taxes), both in the annual financial statements and in the interim financial report. An entity is not required to apply the interpretation to liabilities arising from emissions trading schemes.


At its April 2013 meeting, the IASB agreed to ratify the levies interpretation. Fifteen IASB members voted in favour of the ratification.


Next steps


The IASB expects to issue the final interpretation in May 2013.

 

Date: 4/23/2013