Document ID: chunk:federal_register_of_legislation:F2023L00949:body:0:p3
Version: federal_register_of_legislation:F2023L00949
Segment Type: other
Provision Reference: 
Character Range: 5799–7788

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 of the Pillar Two legislation and can be provided in the form of an indicative range. To the extent information is not known or reasonably estimable, an entity shall instead disclose a statement to that effect and disclose information about the entity's progress in assessing its exposure.

Examples illustrating paragraphs 88C–88D
Examples of information an entity could disclose to meet the objective and requirements in paragraphs 88C–88D include:
(a) qualitative information such as information about how an entity is affected by Pillar Two legislation and the main jurisdictions in which exposures to Pillar Two income taxes might exist; and
(b) quantitative information such as:
(i) an indication of the proportion of an entity's profits that might be subject to Pillar Two income taxes and the average effective tax rate applicable to those profits; or
(ii) an indication of how the entity's average effective tax rate would have changed if Pillar Two legislation had been in effect.

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Effective date
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98M AASB 2023-2 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two Model Rules, issued in June 2023, added paragraphs 4A and 88A–88D. An entity shall:
(a) apply paragraphs 4A and 88A immediately upon the issue of these amendments and retrospectively in accordance with AASB 108; and
(b) apply paragraphs 88B–88D for annual reporting periods beginning on or after 1 January 2023 that end on or after 30 June 2023. An entity is not required to disclose the information required by these paragraphs for any interim period ending on or before 31 December 2023.

Commencement of the legislative instrument
For legal purposes, this legislative instrument commences on 29 June 2023.