Document ID: chunk:federal_register_of_legislation:F2023C00930:reg:5:p35
Version: federal_register_of_legislation:F2023C00930
Segment Type: reg
Provision Reference: reg 5 (pt 35/61)
Character Range: 113849–116800

the earliest comparative period presented.
98L An entity applying AASB 2021-5 shall also, at the beginning of the earliest comparative period presented:
(a) recognise a deferred tax asset – to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised – and a deferred tax liability for all deductible and taxable temporary differences associated with:
(i) right-of-use assets and lease liabilities; and
(ii) decommissioning, restoration and similar liabilities and the corresponding amounts recognised as part of the cost of the related asset; and
          (b) recognise the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at that date.
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.

Withdrawal of SIC-21
99 [Deleted by the AASB]

Commencement of the legislative instrument
Aus99.1 [Repealed]

Withdrawal of AASB pronouncements
Aus99.2 This Standard repeals AASB 112 Income Taxes issued in July 2004. Despite the repeal, after the time this Standard starts to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal had not occurred.
[Note: When this Standard applies under section 334 of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standard.]

Appendix A
Australian simplified disclosures for Tier 2 entities
This appendix is an integral part of the Standard.
          AusA1 Paragraphs 79–88D do not apply to entities preparing general purpose financial statements that apply AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities.

Illustrative examples
These illustrative examples accompany, but are not part of, AASB 112.

Examples of temporary differences

A. Examples of circumstances that give rise to taxable temporary differences
All taxable temporary differences give rise to a deferred tax liability.

Transactions that affect profit or loss
1 Interest revenue is received in arrears and is included in accounting profit on a time apportionment basis but is included in taxable profit on a