Document ID: chunk:federal_register_of_legislation:F2025C00209:reg:221:p71
Version: federal_register_of_legislation:F2025C00209
Segment Type: reg
Provision Reference: reg 221 (pt 71/73)
Character Range: 360390–363559

taxes arising from Pillar Two legislation are hereafter referred to as 'Pillar Two income taxes'.
[28] Corresponding AASB Standard: AASB 121 The Effects of Changes in Foreign Exchange Rates.
[29]  Corresponding AASB Standard: AASB 129 Financial Reporting in Hyperinflationary Economies.
[30] Corresponding AASB Standard: AASB 110 Events after the Reporting Period.
[31] Corresponding AASB Standard: AASB 124 Related Party Disclosures.
[32]  AASB 137 Provisions, Contingent Liabilities and Contingent Assets defines executory contracts as contracts under which neither party has performed any of its obligations or both parties have partially performed their obligations to an equal extent.
[33] Corresponding AASB Standard: AASB 141 Agriculture.
[34] Corresponding AASB Standard: AASB 1 First-time Adoption of Australian Accounting Standards.
[35]  Applies to government departments and other public sector entities that obtain part or all of their spending authority for the period from a parliamentary appropriation.
[36]  AASB 1051 applies to general purpose financial statements of local governments, government departments and whole of governments, and financial statements of GGSs.
[37]  AASB 1055 applies to whole of government general purpose financial statements of each government; financial statements of each government's GGS; general purpose financial statements of each not-for-profit reporting entity within the GGS; and financial statements of each not-for-profit entity within the GGS that are, or are held out to be, general purpose financial statements.
[38] Corresponding AASB Standard: AASB 1004 Contributions.
[39] Corresponding AASB Standard: AASB 1004 Contributions.
[40] Corresponding AASB Standard: AASB 1050 Administered Items.
[41] Corresponding AASB Standard: AASB 1051 Land Under Roads.
[42] Corresponding AASB Standard: AASB 1055 Budgetary Reporting.
[43] Corresponding AASB Standard: AASB 1058 Income of Not-for-Profit Entities.
[44] Corresponding AASB Standard: AASB 1059 Service Concession Arrangements: Grantors.
[45] Definition of IFRSs amended after the name changes introduced by the revised Constitution of the IFRS Foundation in 2010.
[46] In January 2020, the IASB moved its Disclosure Initiative – Subsidiaries that are SMEs project to the standard-setting programme. The objective of the project is to develop a reduced disclosure IFRS Standard that would apply on a voluntary basis to subsidiaries that do not have public accountability.
[47] AASB 1053 Application of Tiers of Australian Accounting Standards, paragraphs 11-13
[48] See AASB Staff Paper Enhancing the revised Conceptual Framework and replacing Special Purpose Financial Statements – For-profit User and Preparer Survey Results.
[49] As per paragraph BC14 of ED 277, the level of adoption among other types of companies, including large proprietary companies was very low – with the likely reason being that the general level of disclosure under Tier 2 was still viewed as burdensome. A research paper (Potter, B., Tanewski, G., and Wright, S., 2016, Financial Reporting by Private Companies in Australia: Current Practice and Opportunities for Research, paper