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AASB 112 - Income Taxes
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Summary 
Developments, Key Differences & History 
Compared to IFRS 
Interpretations 
Rejection Notices 
Questions & Answers 
Articles 
AASB website 

 
AASB 112 compared to IAS 12 
Additions 
Aus 1.1 
Which entities AASB 112 applies to, ie. reporting entities and general purpose financial reports.  
 
Aus 1.2 
The application date of AASB 112, ie. annual reporting periods beginning 1 January 2005. 
 
Aus 1.3 
Prohibits early application of AASB 112. 
 
Aus 1.4 
Makes the requirements of AASB 112 subject to AASB 1031 Materiality.  
 
Aus 1.5 
Explains which Australian Standards have been superseded by AASB 112.  
 
Aus 1.6 
Clarifies that the superseded Australian Standards remain in force until AASB 112 applies.  
 
Aus 1.7 
Notice of the new Standard published on 22 July 2004. 
 
Aus 2.1 
Clarifies that income tax equivalents of public sector entities are included within the scope of the Australian Standard.  
 
Aus 33.1 
Clarifies that non-taxable government grants received by a not-for-profit entity are recognised as income immediately and do not give rise to a deductible temporary difference and deferred tax asset.  
 
Deletions  
81(c)(ii) 
Disclosure of a numerical reconciliation between the average effective tax rate and the applicable tax rate together with the basis on which the applicable tax rate is computed.  
 
89 
Effective date of IAS 12. 
 
90 
Reference to superseded IAS 12.  
 
91 
Effective date of certain paragraphs that were added to IAS 12 subsequent to 1998.