Issues In-Depth: Levies in the US (IFRS)
KPMG’s application guidance on the IFRS accounting for levies in the US. KPMG considers the accounting for property tax (real estate), the US branded prescription drug fee, and the US deposit guarantee scheme (FDIC).
Applicability
Relevant dates
Key impacts
- IFRIC 21 provides guidance on when to recognize a liability for levies
- Under IFRIC 21, the obligating event that gives rise to a liability is the activity that triggers the payment of the levy in accordance with the legislation
- This approach differs from US GAAP, which may result in a different accounting
Report contents
- Understanding the concepts
- Property tax (real estate)
- US branded prescription drug fee
- US deposit guarantee scheme
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