Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p67
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 179426–182514

not required to disclose the information required by paragraphs 123(d) and 123(e) for the reconciliation in (a).

Income tax effect for each item disclosed in the reconciliation
B141 An entity is required by paragraph 123(d) to disclose the income tax effect for each item disclosed in the reconciliation between a management-defined performance measure and the most directly comparable subtotal listed in paragraph 118 or total or subtotal specifically required to be presented or disclosed by Australian Accounting Standards. An entity shall determine the income tax effect required by paragraph 123(d) by calculating the income tax effects of the underlying transaction(s):
(a) at the statutory tax rate(s) applicable to the transaction(s) in the tax jurisdiction(s) concerned;
(b) based on a reasonable pro rata allocation of the current and deferred tax of the entity in the tax jurisdiction(s) concerned; or
(c) by using another method that achieves a more appropriate allocation in the circumstances.
B142 If, applying paragraph B141, an entity uses more than one method to calculate the income tax effects of reconciling items, it shall disclose how it determined the tax effects for each reconciling item.

Appendix C
Effective date and transition

This appendix is an integral part of the Standard.

Effective date

     C1 An entity shall apply this Standard for annual reporting periods beginning on or after 1 January 2027. Earlier application is permitted. If an entity applies this Standard for an earlier period, it shall disclose that fact in the notes.

          AusC1.1  Notwithstanding paragraph C1, the following entities shall apply this Standard for annual reporting periods beginning on or after 1 January 2028:
               (a)                    not-for-profit private sector entities;
               (b)                   not-for-profit public sector entities; and
               (c)                    superannuation entities applying AASB 1056 Superannuation Entities.
          Earlier application is permitted. If such an entity applies this Standard for an earlier period, it shall disclose that fact in the notes.

Transition
C2 An entity shall apply this Standard retrospectively applying AASB 108. However, an entity is not required to present the quantitative information specified in paragraph 28(f) of AASB 108.
C3 In its annual financial statements an entity shall disclose, for the comparative period immediately preceding the period in which this Standard is first applied, a reconciliation for each line item in the statement of profit or loss between:
(a) the restated amounts presented applying this Standard; and
(b) the amounts previously presented applying AASB 101 Presentation of Financial Statements.
C4 If an entity applies AASB 134 in preparing condensed interim financial statements in the first year of applying this Standard, the entity shall present in the condensed interim financial statements each heading it expects to use in applying the Standard and the subtotals required by paragraphs 69–74 of this Standard, despite the