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

Date recorded:

This paper summarises comments received on the tentative agenda decision not to add this issue to the Committee’s agenda, and provides proposed wording for the final agenda decision.

A Committee member noted that in a previous meeting the staff had mentioned that there were other issues they were looking at in relation to IFRIC 21 Levies. She asked for a status update with respect to these issues, and asked if there was anything further the Committee could expect to see regarding IFRIC 21.

The Director of Implementation Activities responded, noting that the staff received some correspondence back in December regarding concerns relating to IFRIC 21, and had performed follow up work on that. He noted that the staff had not heard much more regarding other concerns relating to IFRIC 21, adding that, at this stage the staff did not have a submission that it would be bringing to the Interpretations Committee.

There were no objections raised by Committee members in response to the questions put forward in the paper, and accordingly, the Committee agreed with both the staff recommendation that the Committee should finalise its decision not to add this issue to its agenda, and with the proposed wording of the final agenda decision.

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