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About the presentation of our financial statements (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of initial application of standards or interpretations [abstract]  
Summary of principal exchange rate used in preparation of financial statements The principal exchange rates used in the preparation of the financial statements were:
Full-year average
Year-end
One unit of local currency buys the following number of US dollars
2023
2022
2021
2023
2022
2021
Pound sterling
1.24
1.24
1.38
1.28
1.21
1.35
Australian dollar
0.66
0.69
0.75
0.69
0.68
0.73
Canadian dollar
0.74
0.77
0.80
0.76
0.74
0.78
Euro
1.08
1.05
1.18
1.11
1.07
1.13
South African rand
0.054
0.061
0.068
0.054
0.059
0.063
Impact on equity attributable to owners due to amendments . The impact on equity attributable
to owners of Rio Tinto at 1 January 2023 of implementing the amendments
to IAS 12 is as follows:
At 1 January
2023
US$m
2022
US$m
2021
US$m
Equity attributable to owners of Rio Tinto
(previously reported)
50,175
51,415
47,054
Impact of IAS 12 amendments(a)
459
515
516
Restated equity attributable to owners
of Rio Tinto
50,634
51,930
47,570
(a)Retained earnings adjustments at 1 January 2023 and 2022 include the impact of income
statement adjustments for the years ended 31 December 2022 and 2021, respectively.
Restatement of deferred tax balances The restatement of deferred tax balances for the comparative reporting
date is as follows:
31 December 2022
US$m
Deferred tax assets (previously reported)
2,766
Impact of IAS 12 amendments
30
Deferred tax assets (restated)
2,796
Deferred tax liabilities (previously reported)
(3,601)
Impact of IAS 12 amendments
437
Deferred tax liabilities (restated)
(3,164)
Net impact of IAS 12 amendments on deferred tax
balances
467
Comprising, prior to offsetting of balances:
Deferred tax assets arising from:
-  Provisions and other liabilities
1,586
- Capital allowances
(57)
1,529
Deferred tax liabilities arising from Capital allowances
(1,062)
Restatement of pre-offset balances at 31 December 2022 represents
additional gross deferred tax liabilities of US$922 million and gross
deferred tax assets of US$1,380 million in relation to close-down and
restoration obligations and related capitalised closure costs, and
additional gross deferred tax liabilities of US$140 million and gross
deferred tax assets of US$149 million in relation to lease liabilities and
related right-of-use assets.
The impact of restatement on net earnings for the years ended
31 December 2021 and 31 December 2022 were a net credit of
US$22 million and net charge of US$28 million, respectively, related to
depreciation of closure and right of use assets and settlement of closure
and lease liabilities.