It provides that AS 22 applies to taxes arising from legislation implementing Pillar Two rules, including qualified domestic minimum top-up taxes. However, enterprises are exempted from recognising or disclosing deferred tax assets and liabilities related to Pillar Two income taxes. Companies must disclose that they have applied this exception and separately report current tax expense or income related to such taxes. The enterprises must provide qualitative and quantitative disclosures about potential exposure to these taxes. Small and Medium-sized Companies are exempt from certain disclosure requirements. The disclosure provisions are applicable from annual reporting periods beginning 1st April 2025.