Issues In-Depth  |  December 2017

 

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

  • All companies

Relevant dates

  • Effective immediately

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

Spotlight on contributors

Valerie Boissou

Valerie Boissou

Partner, Audit, KPMG (US)

+1 212-954-1723
Julie Santoro

Julie Santoro

Partner, Department of Professional Practice, KPMG (US)

+1 212-954-1086
Akira Takada

Akira Takada

Senior Manager, DPP, KPMG (US)

+1 212-954-6811

 

 

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