Document ID: chunk:federal_register_of_legislation:F2023C00930:front:0:p2
Version: federal_register_of_legislation:F2023C00930
Segment Type: other
Provision Reference: 
Character Range: 2983–6078

Offset 71
Tax expense
Tax expense (income) related to profit or loss from ordinary activities 77
Exchange differences on deferred foreign tax liabilities or assets 78
Disclosure 79
International tax reform—Pillar Two model rules 88A
Effective date 89
Withdrawal of SIC-21
Commencement of the legislative instrument
Withdrawal of AASB pronouncements Aus99.2
AppendiX
A  Australian simplified disclosures for Tier 2 entities
Illustrative examples
Examples of temporary differences
Illustrative computations and presentation
COMPILATION DETAILS
Deleted IAS 12 text

available on the AASB website
Basis for Conclusions on IAS 12

Australian Accounting Standard AASB 112 Income Taxes (as amended) is set out in paragraphs 1 – Aus99.2 and Appendix A.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  AASB 112 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

Comparison with IAS 12
AASB 112 Income Taxes as amended incorporates IAS 12 Income Taxes as issued and amended by the International Accounting Standards Board (IASB).  Australian‑specific paragraphs (which are not included in IAS 12) are identified with the prefix "Aus".  Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Tier 1
For-profit entities complying with AASB 112 also comply with IAS 12.
Not-for-profit entities' compliance with IAS 12 will depend on whether any "Aus" paragraphs that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IAS 12.

Tier 2
Entities preparing general purpose financial statements under Australian Accounting Standards – Simplified Disclosures (Tier 2) will not be in compliance with IFRS Standards.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Accounting Standard AASB 112

The Australian Accounting Standards Board made Accounting Standard AASB 112 Income Taxes under section 334 of the Corporations Act 2001 on 7 August 2015.

This compiled version of AASB 112 applies to annual periods beginning on or after 1 January 2023 that end on or after 30 September 2023.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 14 September 2023 (see Compilation Details).

Accounting Standard AASB 112

Income Taxes

Objective
 The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income taxes is how to account for the current and future tax consequences of:
(a) the future recovery (settlement) of the carrying amount of assets (liabilities) that