Document ID: chunk:federal_register_of_legislation:F2023L01301:body:0:p3
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or after 30 September 2023.  Earlier application is permitted for periods that end before 30 September 2023.
     6                        This Standard uses underlining and other typographical material to identify the amendments to AASB 1060 and AASB 112 in order to make the amendments more understandable.  However, the amendments made by this Standard do not include that underlining or other typographical material.  Amended paragraphs are shown with new text underlined.

Amendments to AASB 1060
     7                        Paragraph 176 is amended and paragraphs 178A and 178B and a related heading are added.  In the implementation guidance accompanying AASB 1060, the table in paragraph IG1 is also amended.  New text is underlined.

               Income Tax27

          176  An entity shall disclose information that enables users of its financial statements to evaluate the nature and financial effect of the current and deferred tax consequences of recognised transactions and other events (including enactment or substantive enactment of tax rates and tax laws, such as Pillar Two legislation).27A  [Based on IFRS for SMEs Standard paragraph 29.38]

             27A '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'.

 …

          International tax reform – Pillar Two model rules

          178A An entity shall disclose that it has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes (see AASB 112 paragraph 4A).

          178B An entity shall disclose separately its current tax expense (income) related to Pillar Two income taxes.

          …

          Implementation guidance

          …

AASB Standard          Paragraphs superseded by this Standard   Paragraphs that have not been superseded by this Standard and represent presentation requirements or associated guidance
…                      …                                        …
AASB 112 Income Taxes  Paragraphs 79–88D                        Paragraphs 71–78
…                      …                                        …

Amendments to AASB 112
     8                        Paragraph AusA1 is amended.  New text is underlined.

     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.

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

Basis for Conclusions
This Basis for Conclusions accompanies, but is not part of, AASB 2023-4 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two Model Rules: Tier 2 Disclosures.

Introduction
     BC1               This Basis for Conclusions summarises the Australian Accounting Standards Board's considerations in