2023 Consolidated Financial Statements and Notes
AIR CANADA
2023 Consolidated Financial Statements and Notes
The amendments are effective for annual periods beginning on or after January 1, 2024. The Corporation is evaluating
the impact of the amendments.
IAS 12 Income Taxes
In May 2023, the IASB issued an amendment to IAS 12. The amendment addresses accounting for the global minimum
tax as outlined in the two-pillar plan for international tax reform developed by the Organisation for Economic
Co-operation and Development. The objective of the tax reform is to ensure that large multinational enterprises are
subject to a minimum income tax rate of 15% in each jurisdiction they operate. The amendment to IAS 12 includes
temporary mandatory relief from recognizing and disclosing deferred taxes related to the implementation of Pillar Two
global minimum tax rules. As of December 31, 2023, the Pillar Two legislation has not yet been enacted or substantively
enacted in any of the jurisdictions where the Corporation has a constituent entity for the purposes of Pillar Two. As
such, the Corporation has yet to apply the temporary exemption. The Corporation will disclose known or reasonably
estimable information related to the Corporation's exposure to Pillar Two income taxes when it is enacted or
substantively enacted in a jurisdiction where the Corporation has a constituent entity and will disclose separately current
tax related to Pillar Two income taxes when it is in effect.
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