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Responding to Pillar Two

Clarity in financial reporting

New taxation management and financial reporting challenges – with the latter extending beyond those entities in scope of Pillar Two

The IASB released International Tax Reform – Pillar Two Model Rules in late May 2023, addressing accounting implications of the OECD ‘Pillar Two’ global minimum tax being implemented by over 130 countries globally, including in Australia and New Zealand.

The publication explains the amendments, outlines how they relate to the Pillar Two transition process, and provides illustrative disclosures for financial reports around the impacts of Pillar Two.

Note: This publication was updated in December 2023 to reflect developments since the original version was released in June 2023.

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