Taxation (Multinational - Global and Domestic Minimum Tax) Rules 2024
CHAPTER 3
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COMPUTATION OF GloBE INCOME OR LOSS
PART 3-2
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ADJUSTMENTS TO DETERMINE GloBE INCOME OR LOSS
Division 1
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Article 3.2.1 adjustments
SECTION 3-50
MEANING OF INCLUDED REVALUATION METHOD GAIN OR LOSS AND OTHER COMPREHENSIVE INCOME
3-50(1)
Included Revaluation Method Gain or Loss for a Fiscal Year means the net gain or loss, increased or decreased by any associated Covered Taxes, for the Fiscal Year in respect of all property, plant and equipment that arises under an accounting method or practice that: (a) periodically adjusts the carrying value of such property to its fair value; and (b) records the changes in value in Other Comprehensive Income; and (c) does not subsequently report the gains or losses recorded in Other Comprehensive Income through profit and loss.
3-50(2)
Other Comprehensive Income means items of income and expense that are recognised, outside of the profit or loss account, in financial statements as required or permitted by the Authorised Financial Accounting Standard used in the Consolidated Financial Statements.
Included Revaluation Method Gain or Loss for a Fiscal Year means the net gain or loss, increased or decreased by any associated Covered Taxes, for the Fiscal Year in respect of all property, plant and equipment that arises under an accounting method or practice that: (a) periodically adjusts the carrying value of such property to its fair value; and (b) records the changes in value in Other Comprehensive Income; and (c) does not subsequently report the gains or losses recorded in Other Comprehensive Income through profit and loss.
3-50(2)
Other Comprehensive Income means items of income and expense that are recognised, outside of the profit or loss account, in financial statements as required or permitted by the Authorised Financial Accounting Standard used in the Consolidated Financial Statements.
Note:
Other Comprehensive Income is usually reported as an adjustment to equity in the statement of financial position (balance sheet).
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