What is IFRIC 21?

IFRIC 21 clarifies when an entity recognises a liability for levies imposed by a government other than specified levies such as income taxes, fines and penalties. Applying IFRIC 21, an entity recognises a liability when it conducts the activity that triggers the payment of a levy under law or regulation.

What is IFRIC 21?

IFRIC 21 clarifies when an entity recognises a liability for levies imposed by a government other than specified levies such as income taxes, fines and penalties. Applying IFRIC 21, an entity recognises a liability when it conducts the activity that triggers the payment of a levy under law or regulation.

What are Ifric standards?

IFRIC is the interpretative body of the International Accounting Standards Board (IASB) that reviews newly identified financial reporting issues not specifically addressed in IFRS or issues where unsatisfactory or conflicting interpretations have developed, or seem likely to develop, with a goal to reach a consensus on …

Is Ifric part of IFRS?

IFRIC Interpretations are developed by the IFRS Interpretations Committee (previously the International Financial Reporting Interpretations Committee, IFRIC) and are issued after approval by the International Accounting Standards Board (IASB).

What does contingent liabilities mean in accounting?

A contingent liability is a potential liability that may occur in the future, such as pending lawsuits or honoring product warranties. If the liability is likely to occur and the amount can be reasonably estimated, the liability should be recorded in the accounting records of a firm.

Is IFRS same as IAS?

The IAS was a set of standards that was developed by the International Accounting Standards Committee (IASC). They were originally launched in 1973 but have since been replaced by the IFRS. IFRS is a set of standards that was developed by the International Accounting Standards Board (IASB).

Is IFRIC 11 still applicable?

IFRIC 11 is effective for annual periods beginning on or after 1 March 2007. Earlier application is permitted.

How do you disclose contingent liabilities?

Disclose a Contingent Liability Disclose the existence of a contingent liability in the notes accompanying the financial statements if the liability is reasonably possible but not probable, or if the liability is probable, but you cannot estimate the amount.

How do you record contingent liabilities?

Contingent liabilities, although not yet realized, are recorded as journal entries. Contingent liabilities require a credit to the accrued liability account and a debit to an expense account. Once the obligation is realized, the balance sheet’s liability account is debited and the cash account is credited.

What is ind?

The Indian Accounting Standards (Ind AS), as notified under section 133 of the Companies Act 2013, have been formulated keeping the Indian economic & legal environment in view and with a view to converge with IFRS Standards, as issued by and copyright of which is held by the IFRS Foundation.

What are the 32 accounting standards?

STATUS OF ACCOUNTING STANDARDS ISSUED BY ICAI FOR NON-CORPORATES