In this Part, unless the context otherwise requires—
“Acceptable Financial Accounting Standard” means
International Financial Reporting Standards and the generally accepted accounting principles of Australia, Brazil, Canada,
Member States of the European Union, Member States of the European Economic Area, Hong Kong (China), Japan,
Malaysia, Mexico, New Zealand, the People’s Republic of
China, the Republic of India, the Republic of Korea, Russia,
Singapore, Switzerland, the United Kingdom, and the United
States of America;
“Additional Current Multinational Top-up Tax” means the amount of tax determined in subsections 181(1) to (6) and any amount treated as Additional Current Multinational Top-up
Tax determined under subsections 181(1) to (6), such as the amount determined under subsection 169(3) or section 191;
“Adjusted Asset Gain” means, in respect of Aggregate Asset
Gain that is subject to an election under subsections 165(16)
to (19), an amount equal to the Aggregate Asset Gain in the
Election Year, reduced by any amount of such gain that has been applied against the Net Asset Loss in a prior Loss Year under paragraph 165(18)(b) or (c);
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“Adjusted Covered Taxes” means an amount as determined under section 169;
“Aggregate Asset Gain” means, in respect of an election under subsection 165(16), the net gain in the Election Year from the disposition of Local Tangible Assets by all Constituent
Entities located in the jurisdiction excluding the gain or loss on a transfer of assets between Group Members;
“Agreed Administrative Guidance” means the guidance on the interpretation or administration of the Domestic Top-up
Tax or Multinational Top-up Tax published by the Organisation for Economic Co-operation and Development/G20 Inclusive
Framework on Base Erosion and Profit Shifting;
“Allocable Share of the Multinational Top-up Tax” means an amount determined under subsection 162(1);
“Annual Election” means an election in the prescribed form made by a Filing Constituent Entity and furnished to the Director General and that applies only for the Financial
Year for which the election is made;
“Authorised Accounting Body” means a body with legal authority in a jurisdiction to prescribe, establish, or accept accounting standards for financial reporting purposes;
“Authorised Financial Accounting Standard” means, in respect of any Entity, a set of generally acceptable accounting principles permitted by an Authorised Accounting Body in the jurisdiction where that Entity is located;
“Consolidated Financial Statement” means—