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Draft Interpretation: Levies Charged by Public Authorities on Entities that Operate in a Specific Market

Draft Interpretation: Levies Charged by Public Authorities on Entities that Operate in a Specific Market


 

Draft Interpretation: Levies Charged by Public Authorities on Entities that Operate in a Specific Market


On 31 May 2012 the IFRS Interpretations Committee, responsible, in co-operation with the IASB, for developing amendments and Interpretations of International Financial Reporting Standards (IFRSs), published for public comment proposed guidance on the accounting for levies charged by public authorities on entities that operate in a specific market.

A public authority may impose a levy on entities that operate in a specific market, such as a specific country, a specific region or a specific market in a specific country. The Interpretations Committee was asked to consider how an entity would account for the payment of levies, other than income taxes, in its financial statements; specifically, when the liability to pay a levy should be recognised. The proposed guidance clarifies that the obligating event that gives rise to a liability to pay a levy is the activity that triggers the payment of the levy as identified by the legislation.

Comment letter deadline

 

The draft Interpretation commenting period closed on 5 September 2012.

To submit a comment letter please click here. You must be a registered eIFRS user to submit a comment letter - if you need to register, please click here.

Please note: when submitting a comment letter or when communicating with the IFRS Foundation, the IASB or any of its constituent bodies, you acknowledge and accept the IFRS Foundation Written Communication policy which details how we use and process your data.

We have recently experienced some technical difficulties with accepting comment letters, please accept our apologies if you have previously been unable to submit a comment letter.

To view the draft Interpretation comment letters, please click here.

 

Due process document
Draft Interpretation: Levies Charged by Public Authorities on Entities that Operate in a Specific Market [English][PDF]
Projet d’interprétation IFRIC: Prélèvements opérés par les autorités publiques auprès des entités actives sur un marché particulier [French][PDF]

 

Related information

Click here to read the press release