Document ID: chunk:federal_register_of_legislation:F2023L01301:body:0:p8
Version: federal_register_of_legislation:F2023L01301
Segment Type: other
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Character Range: 20501–21430

that an entity could elect to apply the amendments before their mandatory application date, for example to the 2022/23 financial year or any period ending before 30 September 2023.
[1]  AASB 1053 Application of Tiers of Australian Accounting Standards outlines that Australian Accounting Standards consist of two tiers of reporting requirements for preparing general purpose financial statements:
   (a)  Tier 1: Australian Accounting Standards; and
   (b)  Tier 2: Australian Accounting Standards – Simplified Disclosures.
[2]  'Pillar Two legislation' refers to 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. Income taxes arising from Pillar Two legislation are hereafter referred to as 'Pillar Two income taxes'.