Accounting Standard AASB 2023-2 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two Model Rules
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Preface
Standards amended by AASB 2023-2
This Standard makes amendments to AASB 112 Income Taxes (August 2015).
These amendments arise from the issuance of International Financial Reporting Standard International Tax Reform—Pillar Two Model Rules (Amendments to IAS 12) by the International Accounting Standards Board (IASB) in May 2023.
Main features of this Standard
Main requirements
This Standard amends AASB 112 to introduce:
(a) a mandatory temporary exception to accounting for deferred taxes arising from the implementation of the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD); and
(b) targeted disclosure requirements to help financial statement users better understand an entity’s exposure to income taxes arising from the reform, particularly in periods before legislation implementing the rules is in effect.
Application date
This Standard applies to annual periods beginning on or after 1 January 2023 that end on or after 30 June 2023. Earlier application is permitted.