This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice ( for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

CPA Canada Viewpoints: Identifying levies (Oil and gas)

Published on: May 31, 2014

The scope of IFRIC 21 is broad and it is expected that all oil and gas entities will have to consider the requirements of IFRIC 21 to determine if they incur levies that are within its scope. If levies are incurred, oil and gas entities will also need to determine the impact of this Interpretation on the timing of liability recognition.

To help you better understand which payments may fall within the scope of IFRIC 21, read Viewpoints: Applying IFRSs in the Oil and Gas Industry — Identifying Levies in the Oil and Gas Industry.

What you will learn

Developed jointly by Chartered Professional Accountants of Canada (CPA Canada), the Canadian Association of Petroleum Producers and the Explorers and Producers Association of Canada, this paper considers the following questions:

  • What is a levy?
  • What are examples of levies in the oil and gas industry?
  • When is a liability to pay a levy recognized?
  • How are levies accounted for?


Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.