IFRIC 21 — Levies

Effective date:

Effective for fiscal years beginning on or after January 1, 2014.  Earlier application is permitted.

Published by the IASB:

May 2013

Included in Part I of CPA Canada Handbook:

September 2013


IFRIC 21 Levies provides guidance on when to recognize a liability for a levy imposed by a government, both for levies that are accounted for in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets and those where the timing and amount of the levy is certain.

History of IFRIC 21

The following table shows the history of this standard subsequent to the adoption of IFRS in Canada.




Included in Part I of the CPA Canada Handbook2

May 20, 2013

IFRIC 21 Levies issued


This new interpretation provides guidance on the accounting for levies within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets.

The interpretation is effective for annual periods beginning on or after January 1, 2014. Earlier application is permitted.

September 2013


  1. For further details of relevant developments prior to this, please refer to our Deloitte Global section.
  2.  Newly issued, amended or revised IFRSs are part of Canadian GAAP only after they are approved by the Accounting Standards Board in accordance with its due process.

The above summary does not include details of consequential amendments made as the result of other projects.

Related Standards

Related IFRIC Agenda Rejection Notices

The rejection notices are available in our Deloitte Global section.

  • IFRIC 21 — Identification of a present obligation to pay a levy that is subject to a pro rata activity threshold as well as an annual activity threshold (March 2014)

AcSB’s IFRS Discussion Group meetings

  • September 11, 2014 - IFRIC 21: Levies
  • June 12, 2014 - IFRIC 21: Levies – Property Taxes in Canada
  • February 26, 2014 - IFRIC 21: Levies – Property Taxes in Canada and IFRIC 21: Levies – Consideration of Levies Other than Property Taxes

Amendments under consideration

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.