Notice is hereby given, pursuant to the Legislation Act 2019, that the New Zealand Accounting Standards Board of the External Reporting Board has issued International Tax Reform – Pillar Two Model Rules (Amendments to NZ IAS 12) (this “Standard”).

Standard

International Tax Reform – Pillar Two Model Rules (Amendments to NZ IAS 12):

• applies to all Tier 1 and Tier 2 for-profit reporting entities and groups, other than where expressly exempted by its terms, the terms of any other approved accounting standard or bylaw;
• is secondary legislation for the purposes of the Legislation Act 2019; and
• is published on 13 July 2023 and takes effect on the 28th day after the date of its publication under the Legislation Act 2019 and commences to apply as set out below.

Commencement and Application

Paragraphs 4A and 88A in the amending Standard commence to apply on the 28th day after the date of its publication under the Legislation Act 2019 and for annual reporting periods that have not ended or do not end before that date.

The accounting periods in relation to which this Standard commences to apply (except with respect to paragraphs 4A and 88A) are annual reporting periods beginning on or after 1 January 2023 but have not ended or do not end before this amending Standard takes effect.

Copies of the standard may be inspected free of charge at the offices of the External Reporting Board (XRB), Level 7, 50 Manners Street, Wellington. Copies are also available on the XRB’s website at www.xrb.govt.nz.

Dated this 13th day of July 2023.

CAROLYN CORDERY, Chair, New Zealand Accounting Standards Board.