In August 2014, EFRAG published a Short Discussion Series paper ‘Levies: What would have to be changed in IFRS for a different accounting outcome‘. The paper revisited the main changes proposed in the IAS 37 amendment project to assess if they would be relevant in considering whether to modify the consensus in IFRIC 21 to address the concerns expressed by European constituents and illustrated alternative approaches that would affect the accounting outcome that some constituents are concerned about.

In response to the Discussion Paper EFRAG received seven responses. A majority of respondents favoured developing specific requirements in IAS 34 to address their concerns.

Feedback Statement