Accounting Standard AASB 2023-4 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two Model Rules: Tier 2 Disclosures
Income Tax27Income Tax27
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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’.
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