Document ID: chunk:federal_register_of_legislation:F2023L00949:body:0:p2
Version: federal_register_of_legislation:F2023L00949
Segment Type: other
Provision Reference: 
Character Range: 3105–6061

January 2023 that end on or after 30 June 2023.  Earlier application is permitted.

Accounting Standard AASB 2023-2
The Australian Accounting Standards Board makes Accounting Standard AASB 2023-2 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two Model Rules under section 334 of the Corporations Act 2001.
Keith Kendall
Dated 22 June 2023 Chair – AASB

Accounting Standard AASB 2023-2
Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two Model Rules

Objective
This Standard amends AASB 112 Income Taxes as a consequence of the issuance of International Financial Reporting Standard International Tax Reform—Pillar Two Model Rules (Amendments to IAS 12) by the International Accounting Standards Board in May 2023.

Application
The amendments set out in this Standard apply to entities and financial statements in accordance with the application of AASB 112 set out in AASB 1057 Application of Australian Accounting Standards.
This Standard applies to annual periods beginning on or after 1 January 2023 that end on or after 30 June 2023.  Earlier application is permitted.

Amendments to AASB 112
Paragraphs 4A, 88A–88D (including their related heading and the examples) and 98M are added. Ellipses (…) are used to help provide the context within which amendments are made.

Scope
 …
4A This Standard applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD), including tax law that implements qualified domestic minimum top-up taxes described in those rules. Such tax law, and the income taxes arising from it, are hereafter referred to as 'Pillar Two legislation' and 'Pillar Two income taxes'. As an exception to the requirements in this Standard, an entity shall neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes.
 …

Disclosure
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International tax reform—Pillar Two model rules
88A An entity shall disclose that it has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes (see paragraph 4A).
88B An entity shall disclose separately its current tax expense (income) related to Pillar Two income taxes.
88C In periods in which Pillar Two legislation is enacted or substantively enacted but not yet in effect, an entity shall disclose known or reasonably estimable information that helps users of financial statements understand the entity's exposure to Pillar Two income taxes arising from that legislation.
88D To meet the disclosure objective in paragraph 88C, an entity shall disclose qualitative and quantitative information about its exposure to Pillar Two income taxes at the end of the reporting period. This information does not have to reflect all the specific requirements