New guidance for the recognition of levies imposed by government

New guidance has been issued in the form of IFRIC 21, that clarifies when a liability within the scope of IAS 37 – Provisions, Contingent Liabilities and Contingent Assets, should be recognised for levies imposed by government. IFRIC 21 seeks to clarify obligating events that give rise to the recognition of a liability to pay levies, whether economic impulsion and the …

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