Commission Regulation (EU) No 634/2014 adopts IFRIC 21 Levies

The Commission Regulation (EU) No 634/2014 of 13 June 2014, published in the Official Journal of the European Union L 175 on 14 June 2014, adopts the Interpretation IFRIC 21Levies.

This Interpretation addresses the accounting for a liability to pay a levy if that liability is within the scope of IAS 37. It also addresses the accounting for a liability to pay a levy whose timing and amount is certain.

Each company shall apply IFRIC Interpretation 21 Levies, at the latest, as from the commencement date of its first financial year starting on or after 17 June 2014.