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Accounting Standard AASB 2023-4 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two Model Rules: Tier 2 Disclosures
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BC24 The Board decided that the amendments should be made effective for annual periods beginning on or after 1 January 2023 that end on or after 30 September 2023, with earlier application permitted, as proposed in ED 325. This is consistent with the effective date of AASB 2023-2 for most entities.
BC25 The Board noted the comment from one of the respondents to ED 325 that the proposed effective date could make Tier 2 entities unsure about the application of the amendments to certain periods, such as the 2022/23 financial year. The Board confirmed the proposed two-pronged effective date, which is required in this case to avoid any mandatory retrospective application to reporting periods that have ended prior to the Board making the Standard. The Board noted 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.