BC116 The IASB concluded that:
(a) for the temporary exception to be effective, it needs to be available to entities immediately upon the issue of the amendments; and
(b) requiring an entity to apply the disclosure requirements in paragraphs 88B–88D for annual reporting periods beginning on or after 1 January 2023-but not for interim periods ending on or before 31 December 2023-provides an entity with enough time to prepare the required information.
BC117 The IASB decided to require an entity to apply the temporary exception retrospectively. This requirement would result in an entity applying the exception from the date Pillar Two legislation is enacted or substantively enacted-even if that date is before the date of issuing the amendments-and would not result in additional costs