88BAn entity shall disclose separately its current tax expense (income) related to Pillar Two income taxes.

88B An entity shall disclose separately its current tax expense (income) related to Pillar Two income taxes. 88C In periods in which Pillar Two legislation is enacted or substantively enacted but not yet in effect, an entity shall disclose known or reasonably estimable information that helps users of financial statements understand the entity’s exposure to Pillar Two income taxes arising from that legislation. 88D To meet 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:<br>(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<br>(ii) an indication of how the entity’s average effective tax rate would have changed if Pillar Two legislation had been in effect. | Effective date 89 This Standard becomes operative for financial statements covering periods beginning on or after 1 January 2018. Earlier application is permitted for periods beginning after 24 July 2014 but before 1 January 2018. If an entity applies this Standard for financial statements covering periods beginning before 1 January 2018, the entity shall disclose that fact. 90– 92 [Deleted by the AASB] 93 Paragraph 68 shall be applied prospectively from the effective date of AASB 3 (as revised in 2008) to the recognition of deferred tax assets acquired in business combinations. 94 Therefore, entities shall not adjust the accounting for prior business combinations if tax benefits failed to satisfy the criteria for separate recognition as of the acquisition date and are recognised after the acquisition date, unless the benefits are recognised within the measurement period and result from new information about facts and circumstances that existed at the acquisition date. Other tax benefits recognised shall be recognised in profit or loss (or, if this Standard so requires, outside profit or loss). 95 [Deleted by the AASB] 96 [Deleted] 97 [Deleted] 98– 98C [Deleted by the AASB] 98D [Deleted] 98E AASB 2014-5 Amendments to Australian Accounting Standards arising from AASB 15, issued in December 2014, amended paragraph 59 in the previous version of this Standard. An entity shall apply that amendment when it applies AASB 15. 98F AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) (as amended) amended the previous version of this Standard as follows: amended paragraph 20 and deleted paragraph 96. Paragraph 97, added by AASB 2010-7, was deleted by AASB 2014-1 Amendments to Australian Accounting Standards. Paragraph 98D, added by AASB 2014-1, was deleted by AASB 2014-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014). An entity shall apply those amendments when it applies AASB 9.