Tier 1 and Tier 2 for-profit amending standards issued

The External Reporting Board (XRB) has recently issued two amending standards:

• Supplier Finance Arrangements
• International Tax Reform - Pillar Two Model Rules

Supplier Finance Arrangements 

The amending standard Supplier Finance Arrangements introduces disclosures to enhance the transparency of an entity’s supplier finance arrangements and their effects on its liabilities, cash flows and exposure to liquidity risk and is applicable for accounting periods which begin on or after 1 January 2024.

Please refer to our June 2023 article for more information.

You can access the amending standard here

International Tax Reform - Pillar Two Model Rules

The amending standard ​International Tax Reform – Pillar Two Model Rules ​ gives entities a temporary mandatory exception to the requirements to recognise and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes, i.e., taxes arising from the Organisation for Economic Co-operation and Development’s (OECD) international tax reform and is applicable for accounting periods which begin on or after 1 January 2023. 

Please refer to our June 2023 article for more information.

You can access the amending standard here.
 

For more on the above, please contact your local BDO representative.