Effective date (AASB112_08-15_COMPsep23_01-23)

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.

[Deleted by the AASB]

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.

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).

[Deleted by the AASB]

[Deleted]

[Deleted]

[Deleted by the AASB]

[Deleted]

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.

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.

AASB 16, issued in February 2016, amended paragraph 20. An entity shall apply that amendment when it applies AASB 16.

AASB 2016-1 Amendments to Australian Accounting Standards – Recognition of Deferred Tax Assets for Unrealised Losses, issued in February 2016, amended paragraph 29 and added paragraphs 27A, 29A and the example following paragraph 26. An entity shall apply those amendments for annual periods beginning on or after 1 January 2017. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact. An entity shall apply those amendments retrospectively in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors. However, on initial application of the amendment, the change in the opening equity of the earliest comparative period may be recognised in opening retained earnings (or in another component of equity, as appropriate), without allocating the change between opening retained earnings and other components of equity. If an entity applies this relief, it shall disclose that fact.

AASB 2018-1 Amendments to Australian Accounting Standards – Annual Improvements 2015–2017 Cycle, issued in February 2018, added paragraph 57A and deleted paragraph 52B. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2019. Earlier application is permitted. If an entity applies those amendments earlier, it shall disclose that fact. When an entity first applies those amendments, it shall apply them to the income tax consequences of dividends recognised on or after the beginning of the earliest comparative period.

AASB 2021-5 Amendments to Australian Accounting Standards – Deferred Tax related to Assets and Liabilities arising from a Single Transaction, issued in June 2021, amended paragraphs 15, 22 and 24 and added paragraph 22A. An entity shall apply these amendments in accordance with paragraphs 98K–98L for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted. If an entity applies the amendments for an earlier period, it shall disclose that fact.

An entity shall apply AASB 2021-5 to transactions that occur on or after the beginning of the earliest comparative period presented.

An entity applying AASB 2021-5 shall also, at the beginning of the earliest comparative period presented:

(a)            recognise a deferred tax asset – to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised – and a deferred tax liability for all deductible and taxable temporary differences associated with:

(i)             right-of-use assets and lease liabilities; and

(ii)            decommissioning, restoration and similar liabilities and the corresponding amounts recognised as part of the cost of the related asset; and

(b)            recognise the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at that date.

AASB 2023-2 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two Model Rules, issued in June 2023, added paragraphs 4A and 88A–88D. An entity shall:

(a)            apply paragraphs 4A and 88A immediately upon the issue of these amendments and retrospectively in accordance with AASB 108; and

(b)           apply paragraphs 88B–88D for annual reporting periods beginning on or after 1 January 2023 that end on or after 30 June 2023. An entity is not required to disclose the information required by these paragraphs for any interim period ending on or before 31 December 2023.