{"id":"F2006L05744","name":"AASB 1048 - Interpretation and Application of Standards - December 2006","slug":"aasb-1048-interpretation-and-application-of-standards-december-2006","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":138137,"registerId":"commonwealth-F2006L05744-current","compilationNumber":null,"startDate":"2026-04-03","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Obtaining a Copy of this Accounting Stan","sectionType":"part","heading":"Obtaining a Copy of this Accounting Standard","content":"## Obtaining a Copy of this Accounting Standard\n\nThis Standard is available on the AASB website: www.aasb.com.au.\n\nAlternatively, printed copies of this Standard are available for purchase by contacting:\n\n| The Customer Service OfficerAustralian Accounting Standards BoardLevel 7600 Bourke StreetMelbourne VictoriaAUSTRALIA | Postal address:PO Box 204 Collins Street WestVictoria 8007AUSTRALIA |\n| -------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------- |\n\nPhone: (03) 9617 7637\n\nFax: (03) 9617 7608\n\nE-mail: publications@aasb.com.au\n\nWebsite: www.aasb.com.au","sortOrder":0},{"sectionNumber":"Other Enquiries","sectionType":"part","heading":"Other Enquiries","content":"## Other Enquiries\n\nPhone: (03) 9617 7600\n\nFax: (03) 9617 7608\n\nE-mail: standard@aasb.com.au\n\nCOPYRIGHT\n\n© 2006 Commonwealth of Australia\n\nThis work is copyright. Reproduction in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission from the Australian Accounting Standards Board. Requests and enquiries concerning reproduction and rights for commercial purposes should be addressed to The Administration Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.\n\nISSN 1036-4803","sortOrder":1},{"sectionNumber":"CONTENTS","sectionType":"part","heading":"CONTENTS","content":"# CONTENTS\n\nPreface\n\nComparison With International Pronouncements\n\nAccounting Standard\n\nAASB 1048 Interpretation and Application of Standards\n\nParagraphs\n\nObjective 1\n\nApplication 2 – 6\n\nScope 7 – 8\n\nAustralian Interpretations corresponding to IASB Interpretations 9 – 10\n\nOther Australian Interpretations 11 – 12\n\nAustralian Accounting Standard AASB 1048 Interpretation and Application of Standards is set out in paragraphs 1 – 12. All the paragraphs have equal authority. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.","sortOrder":2},{"sectionNumber":"Preface","sectionType":"part","heading":"Preface","content":"# Preface\n\n## Reasons for Issuing AASB 1048\n\nAustralian Accounting Standards that apply to annual reporting periods beginning on or after 1 January 2005 include Australian equivalents to International Financial Reporting Standards (IFRSs). IFRSs comprise Accounting Standards and Interpretations. IFRSs are issued by the International Accounting Standards Board (IASB), and their adoption in Australia is in accordance with a strategic direction made by the Financial Reporting Council (FRC).\n\nIn considering the adoption of IFRSs, the AASB reached the conclusion that it was desirable to issue an Accounting Standard clarifying the status of the pronouncements of the Urgent Issues Group, the UIG Interpretations (previously known as UIG Abstracts), that are approved by the AASB. This Standard also clarifies the status of AASB Interpretations. AASB and UIG Interpretations are referred to collectively in this Standard as Australian Interpretations.\n\nAll Australian Interpretations have the same authoritative status and those that are equivalent to the IASB Interpretations must be applied to achieve compliance with IFRSs.\n\nThe IASB defines IFRSs as comprising:\n\n(a) International Financial Reporting Standards;\n\n(b) International Accounting Standards (IASs); and\n\n(c) Interpretations originated by the International Financial Reporting Interpretations Committee (IFRIC) or the former Standing Interpretations Committee (SIC).\n\nThe Australian equivalents to IFRSs are:\n\n(a) Accounting Standards issued by the AASB that are equivalent to Standards issued by the IASB, being AASBs 1 – 99 corresponding to the IFRS series and AASBs 101 – 199 corresponding to the IAS series; and\n\n(b) Australian Interpretations issued by the AASB corresponding to the Interpretations adopted by the IASB, as listed in AASB 1048 Interpretation and Application of Standards.\n\nThis Standard complements the set of Australian equivalents to IFRSs. This set includes Australian Interpretations that correspond to the IASB Interpretations originated by the IFRIC or the SIC. When considering the most effective approach to implementing the FRC direction, the AASB decided that Australian-source documents were needed to provide equivalents to the IASB Interpretations. Correlation between the Australian Interpretations and the IASB Interpretations is provided in Table 1 of this Standard. This Standard will be re-issued when necessary to bring the correlation up to date.\n\n### Need for a Service Standard\n\nIn the Australian context, Australian Interpretations do not have the same legal status as Standards (delegated legislation) and are treated as ‘external documents’ by the Acts Interpretation Act 1901 (and also by the Legislative Instruments Act 2003). Although references in one Standard to a second Standard are ambulatory (automatically moving forward to refer to the most recently-issued version of the second Standard), references in a Standard to external documents are stationary (being fixed in time to refer to the contents of the external document when the Standard was issued). A simple reference to an Australian Interpretation in an AASB Standard can only refer to the Interpretation that existed when the Standard was issued. It cannot refer to any revised version of the Interpretation that may exist at a later reporting date. However, an AASB Standard can refer to a second AASB Standard and, when the first Standard is applied at a later reporting date, the reference will be to the then-current version of the second Standard, even if it has been re-issued since the first Standard was issued.\n\nAfter analysing the issues, the AASB decided the service Standard approach constitutes the most effective way to ensure that the compliance required by AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards, the Australian equivalent of IFRS 1 First-time Adoption of International Financial Reporting Standards, has the same meaning as intended in IFRS 1.\n\nThe service Standard approach involves issuing an AASB Standard that lists the Australian Interpretations, and referring to that Standard in every other AASB Standard where necessary to refer to an Interpretation. This enables references to the Interpretations in all other AASB Standards to be updated by re-issuing the service Standard.\n\nThis approach preserves the status of Australian Interpretations as ‘external documents’ referred to in a Standard, with the contents fixed in time to that existing when the Standard takes effect. It does not treat the Interpretations as delegated legislation or confer ambulatory status on the reference. In each AASB Standard where there is a need to refer to an Australian equivalent of an IASB Interpretation, the reference will be to this Standard, phrased as “AASB (or UIG) Interpretation (number) (title) identified in AASB 1048 as corresponding to IFRIC (or SIC) (number)”. This reference, being to another AASB Standard, is ambulatory and will refer to the Standard, AASB 1048, that is in force from time to time. AASB 1048 itself will contain the direct references to the external documents and it will be re-issued to keep all references to Interpretations in the other Standards up to date.\n\nThis approach to clarifying the status of Australian Interpretations ensures there is no difference between the status in the hierarchy accorded to Interpretations in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors compared with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.\n\nA further advantage of this approach, compared with alternative approaches, is that it is able to be combined with implementing the perceived need for an AASB Standard clarifying the status of all Australian Interpretations, irrespective of whether they correspond to an IASB Interpretation.\n\n## Main Features of this Standard\n\nThis Standard (issued in December 2006) supersedes the previous version of AASB 1048, issued in April 2006.\n\n### Application Date\n\nThis Standard is applicable in general to annual reporting periods ending on or after 31 December 2006 (see paragraph 3). To be consistent with the position for AASB Standards equivalent to IFRSs, early adoption of this Standard is not permitted for annual reporting periods beginning before 1 January 2005. However, early adoption is otherwise permitted as specified in paragraph 4.\n\n### First-time Application and Comparatives\n\nWhen an entity first applies this Standard in the context of adopting all Australian equivalents to IFRSs, AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards, the Australian equivalent of IFRS 1, generally requires prior period information, presented as comparative information, to be restated as if the requirements of the Australian equivalents to IFRSs (including those Australian Interpretations equivalent to the IASB Interpretations) had always applied. This differs from the requirements in pre-2005 Australian Standards, where changes in accounting policies did not require the restatement of the income statement and balance sheet of the preceding period.\n\n### Main Requirements\n\nThis Standard identifies the Australian Interpretations and classifies them into two groups: those that correspond to an IASB Interpretation and those that do not. Entities are required to apply each relevant Australian Interpretation in preparing financial reports that are within the scope of the Standard.\n\nIn respect of the first group (Table 1), it is necessary for those Australian Interpretations, where relevant, to be applied in order for an entity to be able to make an explicit and unreserved statement of compliance with IFRSs. The IASB defines IFRSs to include the IFRIC and SIC Interpretations.\n\nIn the second group (Table 2), this Standard lists the other Australian Interpretations, that do not correspond to the IASB Interpretations, to assist financial report preparers and users to identify the other authoritative pronouncements necessary for compliance in the Australian context.\n\nThe Standard will be re-issued when necessary to keep the Tables up to date.\n\n### Changes from AASB 1048 (April 2006)\n\nThe difference between AASB 1048 (as issued in April 2006) and this version issued in December 2006 is the addition of one Interpretation to Table 1 in paragraph 9 of the Standard, as set out in the following table.\n\n```html\n

Table 1 – Addition

Interpretation

Issue Date

Title

Application Date (annual reporting periods)

IFRIC or SIC

10

September 2006

Interim Financial Reporting and Impairment

(beginning)

1 November 2006

IFRIC 10

\n```","sortOrder":3},{"sectionNumber":"Reasons for Issuing AASB 1048","sectionType":"part","heading":"Reasons for Issuing AASB 1048","content":"## Reasons for Issuing AASB 1048\n\nAustralian Accounting Standards that apply to annual reporting periods beginning on or after 1 January 2005 include Australian equivalents to International Financial Reporting Standards (IFRSs). IFRSs comprise Accounting Standards and Interpretations. IFRSs are issued by the International Accounting Standards Board (IASB), and their adoption in Australia is in accordance with a strategic direction made by the Financial Reporting Council (FRC).\n\nIn considering the adoption of IFRSs, the AASB reached the conclusion that it was desirable to issue an Accounting Standard clarifying the status of the pronouncements of the Urgent Issues Group, the UIG Interpretations (previously known as UIG Abstracts), that are approved by the AASB. This Standard also clarifies the status of AASB Interpretations. AASB and UIG Interpretations are referred to collectively in this Standard as Australian Interpretations.\n\nAll Australian Interpretations have the same authoritative status and those that are equivalent to the IASB Interpretations must be applied to achieve compliance with IFRSs.\n\nThe IASB defines IFRSs as comprising:\n\n(a) International Financial Reporting Standards;\n\n(b) International Accounting Standards (IASs); and\n\n(c) Interpretations originated by the International Financial Reporting Interpretations Committee (IFRIC) or the former Standing Interpretations Committee (SIC).\n\nThe Australian equivalents to IFRSs are:\n\n(a) Accounting Standards issued by the AASB that are equivalent to Standards issued by the IASB, being AASBs 1 – 99 corresponding to the IFRS series and AASBs 101 – 199 corresponding to the IAS series; and\n\n(b) Australian Interpretations issued by the AASB corresponding to the Interpretations adopted by the IASB, as listed in AASB 1048 Interpretation and Application of Standards.\n\nThis Standard complements the set of Australian equivalents to IFRSs. This set includes Australian Interpretations that correspond to the IASB Interpretations originated by the IFRIC or the SIC. When considering the most effective approach to implementing the FRC direction, the AASB decided that Australian-source documents were needed to provide equivalents to the IASB Interpretations. Correlation between the Australian Interpretations and the IASB Interpretations is provided in Table 1 of this Standard. This Standard will be re-issued when necessary to bring the correlation up to date.","sortOrder":4},{"sectionNumber":"Need for a Service Standard","sectionType":"division","heading":"Need for a Service Standard","content":"### Need for a Service Standard\n\nIn the Australian context, Australian Interpretations do not have the same legal status as Standards (delegated legislation) and are treated as ‘external documents’ by the Acts Interpretation Act 1901 (and also by the Legislative Instruments Act 2003). Although references in one Standard to a second Standard are ambulatory (automatically moving forward to refer to the most recently-issued version of the second Standard), references in a Standard to external documents are stationary (being fixed in time to refer to the contents of the external document when the Standard was issued). A simple reference to an Australian Interpretation in an AASB Standard can only refer to the Interpretation that existed when the Standard was issued. It cannot refer to any revised version of the Interpretation that may exist at a later reporting date. However, an AASB Standard can refer to a second AASB Standard and, when the first Standard is applied at a later reporting date, the reference will be to the then-current version of the second Standard, even if it has been re-issued since the first Standard was issued.\n\nAfter analysing the issues, the AASB decided the service Standard approach constitutes the most effective way to ensure that the compliance required by AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards, the Australian equivalent of IFRS 1 First-time Adoption of International Financial Reporting Standards, has the same meaning as intended in IFRS 1.\n\nThe service Standard approach involves issuing an AASB Standard that lists the Australian Interpretations, and referring to that Standard in every other AASB Standard where necessary to refer to an Interpretation. This enables references to the Interpretations in all other AASB Standards to be updated by re-issuing the service Standard.\n\nThis approach preserves the status of Australian Interpretations as ‘external documents’ referred to in a Standard, with the contents fixed in time to that existing when the Standard takes effect. It does not treat the Interpretations as delegated legislation or confer ambulatory status on the reference. In each AASB Standard where there is a need to refer to an Australian equivalent of an IASB Interpretation, the reference will be to this Standard, phrased as “AASB (or UIG) Interpretation (number) (title) identified in AASB 1048 as corresponding to IFRIC (or SIC) (number)”. This reference, being to another AASB Standard, is ambulatory and will refer to the Standard, AASB 1048, that is in force from time to time. AASB 1048 itself will contain the direct references to the external documents and it will be re-issued to keep all references to Interpretations in the other Standards up to date.\n\nThis approach to clarifying the status of Australian Interpretations ensures there is no difference between the status in the hierarchy accorded to Interpretations in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors compared with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.\n\nA further advantage of this approach, compared with alternative approaches, is that it is able to be combined with implementing the perceived need for an AASB Standard clarifying the status of all Australian Interpretations, irrespective of whether they correspond to an IASB Interpretation.","sortOrder":5},{"sectionNumber":"Main Features of this Standard","sectionType":"part","heading":"Main Features of this Standard","content":"## Main Features of this Standard\n\nThis Standard (issued in December 2006) supersedes the previous version of AASB 1048, issued in April 2006.","sortOrder":6},{"sectionNumber":"Application Date","sectionType":"division","heading":"Application Date","content":"### Application Date\n\nThis Standard is applicable in general to annual reporting periods ending on or after 31 December 2006 (see paragraph 3). To be consistent with the position for AASB Standards equivalent to IFRSs, early adoption of this Standard is not permitted for annual reporting periods beginning before 1 January 2005. However, early adoption is otherwise permitted as specified in paragraph 4.","sortOrder":7},{"sectionNumber":"First-time Application and Comparatives","sectionType":"division","heading":"First-time Application and Comparatives","content":"### First-time Application and Comparatives\n\nWhen an entity first applies this Standard in the context of adopting all Australian equivalents to IFRSs, AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards, the Australian equivalent of IFRS 1, generally requires prior period information, presented as comparative information, to be restated as if the requirements of the Australian equivalents to IFRSs (including those Australian Interpretations equivalent to the IASB Interpretations) had always applied. This differs from the requirements in pre-2005 Australian Standards, where changes in accounting policies did not require the restatement of the income statement and balance sheet of the preceding period.","sortOrder":8},{"sectionNumber":"Main Requirements","sectionType":"division","heading":"Main Requirements","content":"### Main Requirements\n\nThis Standard identifies the Australian Interpretations and classifies them into two groups: those that correspond to an IASB Interpretation and those that do not. Entities are required to apply each relevant Australian Interpretation in preparing financial reports that are within the scope of the Standard.\n\nIn respect of the first group (Table 1), it is necessary for those Australian Interpretations, where relevant, to be applied in order for an entity to be able to make an explicit and unreserved statement of compliance with IFRSs. The IASB defines IFRSs to include the IFRIC and SIC Interpretations.\n\nIn the second group (Table 2), this Standard lists the other Australian Interpretations, that do not correspond to the IASB Interpretations, to assist financial report preparers and users to identify the other authoritative pronouncements necessary for compliance in the Australian context.\n\nThe Standard will be re-issued when necessary to keep the Tables up to date.","sortOrder":9},{"sectionNumber":"Changes from AASB 1048 (April 2006)","sectionType":"division","heading":"Changes from AASB 1048 (April 2006)","content":"### Changes from AASB 1048 (April 2006)\n\nThe difference between AASB 1048 (as issued in April 2006) and this version issued in December 2006 is the addition of one Interpretation to Table 1 in paragraph 9 of the Standard, as set out in the following table.\n\n```html\n

Table 1 – Addition

Interpretation

Issue Date

Title

Application Date (annual reporting periods)

IFRIC or SIC

10

September 2006

Interim Financial Reporting and Impairment

(beginning)

1 November 2006

IFRIC 10

\n```","sortOrder":10},{"sectionNumber":"Table 1 — Addition","sectionType":"subdivision","heading":"Table 1 — Addition","content":"#### Table 1 – Addition","sortOrder":11},{"sectionNumber":"Comparison with International Pronouncem","sectionType":"part","heading":"Comparison with International Pronouncements","content":"# Comparison with International Pronouncements\n\n## AASB 1048 and IASB Pronouncements\n\nThere is no IASB Standard equivalent to AASB 1048. However, Table 1 in AASB 1048 (see paragraph 9) contains a list of Australian Interpretations identifying the corresponding IASB Interpretations.\n\n### Compliance with IFRSs\n\nFor-profit entities that comply with the Australian Interpretations designated in this Standard as corresponding to the IASB Interpretations will simultaneously be in compliance with the Interpretations referred to by the IASB in its definition of IFRSs. Such compliance is one of the prerequisites that needs to be met before an entity can make an explicit and unreserved statement of compliance with IFRSs, as described in paragraph 14 of AASB 101 Presentation of Financial Statements.\n\n## AASB 1048 and IPSASs\n\nInternational Public Sector Accounting Standards (IPSASs) are issued by the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants.\n\nThere is no IPSAS equivalent to AASB 1048. Further, there are no Interpretations issued or adopted by the IPSASB that are equivalent to the IASB Interpretations or the Australian Interpretations.","sortOrder":12},{"sectionNumber":"AASB 1048 and IASB Pronouncements","sectionType":"part","heading":"AASB 1048 and IASB Pronouncements","content":"## AASB 1048 and IASB Pronouncements\n\nThere is no IASB Standard equivalent to AASB 1048. However, Table 1 in AASB 1048 (see paragraph 9) contains a list of Australian Interpretations identifying the corresponding IASB Interpretations.","sortOrder":13},{"sectionNumber":"Compliance with IFRSs","sectionType":"division","heading":"Compliance with IFRSs","content":"### Compliance with IFRSs\n\nFor-profit entities that comply with the Australian Interpretations designated in this Standard as corresponding to the IASB Interpretations will simultaneously be in compliance with the Interpretations referred to by the IASB in its definition of IFRSs. Such compliance is one of the prerequisites that needs to be met before an entity can make an explicit and unreserved statement of compliance with IFRSs, as described in paragraph 14 of AASB 101 Presentation of Financial Statements.","sortOrder":14},{"sectionNumber":"AASB 1048 and IPSASs","sectionType":"part","heading":"AASB 1048 and IPSASs","content":"## AASB 1048 and IPSASs\n\nInternational Public Sector Accounting Standards (IPSASs) are issued by the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants.\n\nThere is no IPSAS equivalent to AASB 1048. Further, there are no Interpretations issued or adopted by the IPSASB that are equivalent to the IASB Interpretations or the Australian Interpretations.","sortOrder":15},{"sectionNumber":"ACCOUNTING STANDARD AASB 1048","sectionType":"part","heading":"ACCOUNTING STANDARD AASB 1048","content":"# ACCOUNTING STANDARD AASB 1048\n\nThe Australian Accounting Standards Board makes Accounting Standard AASB 1048 Interpretation and Application of Standards under section 334 of the Corporations Act 2001.\n\n| | D.G. Boymal |\n| ---------------------- | ------------ |\n| Dated 13 December 2006 | Chair – AASB |","sortOrder":16},{"sectionNumber":"aCCOUNTING STANDARD AASB 1048","sectionType":"part","heading":"aCCOUNTING STANDARD AASB 1048","content":"# aCCOUNTING STANDARD AASB 1048\n\nInterpretation and Application of Standards","sortOrder":17},{"sectionNumber":"Objective","sectionType":"part","heading":"Objective","content":"## Objective\n\n1 The objective of this Standard is to provide an up-to-date listing of AASB and UIG Interpretations and to ensure the effectiveness of references in AASB Standards to AASB and UIG Interpretations. AASB and UIG Interpretations are referred to collectively in this Standard as Australian Interpretations.","sortOrder":18},{"sectionNumber":"Application","sectionType":"part","heading":"Application","content":"## Application\n\n2 This Standard applies to:\n\n(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act;\n\n(b) general purpose financial reports of each reporting entity; and\n\n(c) financial reports that are, or are held out to be, general purpose financial reports.\n\n3 This Standard applies to annual reporting periods ending on or after 31 December 2006.\n\n4 This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 that end before 31 December 2006.\n\n5 The requirements specified in this Standard apply to the financial report where information resulting from their application is material in accordance with AASB 1031 Materiality.\n\n6 When applicable, this Standard supersedes AASB 1048 Interpretation and Application of Standards as issued in April 2006.","sortOrder":19},{"sectionNumber":"Scope","sectionType":"part","heading":"Scope","content":"## Scope\n\n7 This Standard refers to all Australian Interpretations currently approved by the AASB, classified according to whether or not they correspond to Interpretations adopted by the International Accounting Standards Board (IASB).\n\n8 For ease of presentation, the Australian Interpretations are set out in two separate tables: in paragraph 9, Table 1 lists those corresponding to IASB Interpretations and, in paragraph 11, Table 2 lists the other Interpretations. Each reference to an Interpretation in a row in each of the Tables 1 and 2 is to be treated as a separate provision of this Standard.","sortOrder":20},{"sectionNumber":"Australian Interpretations corresponding","sectionType":"part","heading":"Australian Interpretations corresponding to IASB Interpretations","content":"## Australian Interpretations corresponding to IASB Interpretations\n\n9 An entity shall apply each relevant Australian Interpretation listed in Table 1 below.\n\n```html\n
Table 1: Australian Interpretations corresponding to IASB Interpretations

Interpretation

Issue Date

Title

Application Date (annual reporting periods)

IFRIC or SIC

1

July 2004

Changes in Existing Decommissioning, Restoration and Similar Liabilities

(beginning)

1 January 2005

IFRIC 1

2

March 2005

Members’ Shares in Co‑operative Entities and Similar Instruments

(ending)

31 December 2005

IFRIC 2

4

June 2005

Determining whether an Arrangement contains a Lease

(beginning)

1 January 2006

IFRIC 4

5

June 2005

Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds

(beginning)

1 January 2006

IFRIC 5

6

October 2005

Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment

(beginning)

1 December 2005

IFRIC 6

\n```\n\n| | 7February 2006 | Applying the Restatement Approach under AASB 129 Financial Reporting in Hyper­inflationary Economies | (beginning)1 March 2006 | IFRIC 7 | |\n| --- | ---------------- | ---------------------------------------------------------------------------------------------------- | -------------------------- | -------- | --- |\n| | 8March 2006 | Scope of AASB 2 | (beginning)1 May 2006 | IFRIC 8 | |\n| | 9April 2006 | Reassessment of Embedded Derivatives | (beginning)1 June 2006 | IFRIC 9 | |\n| | 10September 2006 | Interim Financial Reporting and Impairment | (beginning)1 November 2006 | IFRIC 10 | |\n| | 107July 2004 | Introduction of the Euro | (beginning)1 January 2005 | SIC-7 | |\n| | 110July 2004 | Government Assistance – No Specific Relation to Operating Activities | (beginning)1 January 2005 | SIC-10 | |\n| | 112December 2004 | Consolidation – Special Purpose Entities | (beginning)1 January 2005 | SIC-12 | |\n| | 113July 2004 | Jointly Controlled Entities – Non-Monetary Contributions by Venturers | (beginning)1 January 2005 | SIC-13 | |\n| | 115July 2004 | Operating Leases – Incentives | (beginning)1 January 2005 | SIC-15 | |\n| | 121July 2004 | Income Taxes – Recovery of Revalued Non-Depreciable Assets | (beginning)1 January 2005 | SIC-21 | |\n| | 125July 2004 | Income Taxes – Changes in the Tax Status of an Entity or its Shareholders | (beginning)1 January 2005 | SIC-25 | |\n| | 127July 2004 | Evaluating the Substance of Transactions Involving the Legal Form of a Lease | (beginning)1 January 2005 | SIC-27 | |\n| | 129July 2004 | Disclosure – Service Concession Arrangements | (beginning)1 January 2005 | SIC-29 | |\n| | 131July 2004 | Revenue – Barter Transactions Involving Advertising Services | (beginning)1 January 2005 | SIC-31 | |\n| | 132July 2004 | Intangible Assets – Web Site Costs | (beginning)1 January 2005 | SIC-32 | |\n| | | | | | |\n\n10 The application date listed in Table 1 for each Interpretation is a reference to annual reporting periods beginning or ending (as indicated) on or after the date specified. An entity may elect to apply an individual Interpretation to annual reporting periods in advance of that stated for the Interpretation in Table 1. However, an Interpretation shall not be applied to annual reporting periods beginning before 1 January 2005.\n\n## Other Australian Interpretations\n\n11 An entity shall apply each relevant Australian Interpretation listed in Table 2 below.\n\n```html\n
Table 2: Other Australian Interpretations

Interpretation

Issue Date

Title

Application Date (annual reporting periods)

1001

July 2005

Consolidated Financial Reports in relation to Pre-Date-of-Transition Dual Listed Company Arrangements

(ending)

31 December 2005

1002

December 2005

Post-Date-of-Transition Stapling Arrangements

(ending)

31 December 2005

1013

April 2005

Consolidated Financial Reports in relation to Pre-Date-of-Transition Stapling Arrangements

(ending)

31 December 2005

1017

November 2004

Developer and Customer Contributions for Connection to a Price-Regulated Network

(beginning)

1 January 2005

1019

September 2004

The Superannuation Contributions Surcharge

(beginning)

1 January 2005

1030

September 2004

Depreciation of Long-Lived Physical Assets: Condition-Based Depreciation and Related Methods

(beginning)

1 January 2005

1031

July 2004

Accounting for the Goods and Services Tax (GST)

(beginning)

1 January 2005

1038

September 2004

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(beginning)

1 January 2005

1039

July 2004

Substantive Enactment of Major Tax Bills in Australia

(beginning)

1 January 2005

1042

December 2004

Subscriber Acquisition Costs in the Telecommunications Industry

(beginning)

1 January 2005

1047

November 2004

Professional Indemnity Claims Liabilities in Medical Defence Organisations

(beginning)

1 January 2005

1052

June 2005

Tax Consolidation Accounting

(ending)

31 December 2005

1055

September 2004

Accounting for Road Earthworks

(beginning)

1 January 2005

\n```\n\n12 The application date listed in Table 2 for each Interpretation is a reference to annual reporting periods beginning or ending (as indicated) on or after the date specified. An entity may elect to apply an individual Interpretation to annual reporting periods in advance of that stated for the Interpretation in Table 2. However, an Interpretation shall not be applied to annual reporting periods beginning before 1 January 2005.","sortOrder":21},{"sectionNumber":"Table 1: Australian Interpretations corr","sectionType":"section","heading":"Table 1: Australian Interpretations corresponding to IASB Interpretations","content":"##### Table 1: Australian Interpretations corresponding to IASB Interpretations","sortOrder":22},{"sectionNumber":"Other Australian Interpretations","sectionType":"part","heading":"Other Australian Interpretations","content":"## Other Australian Interpretations\n\n11 An entity shall apply each relevant Australian Interpretation listed in Table 2 below.\n\n```html\n
Table 2: Other Australian Interpretations

Interpretation

Issue Date

Title

Application Date (annual reporting periods)

1001

July 2005

Consolidated Financial Reports in relation to Pre-Date-of-Transition Dual Listed Company Arrangements

(ending)

31 December 2005

1002

December 2005

Post-Date-of-Transition Stapling Arrangements

(ending)

31 December 2005

1013

April 2005

Consolidated Financial Reports in relation to Pre-Date-of-Transition Stapling Arrangements

(ending)

31 December 2005

1017

November 2004

Developer and Customer Contributions for Connection to a Price-Regulated Network

(beginning)

1 January 2005

1019

September 2004

The Superannuation Contributions Surcharge

(beginning)

1 January 2005

1030

September 2004

Depreciation of Long-Lived Physical Assets: Condition-Based Depreciation and Related Methods

(beginning)

1 January 2005

1031

July 2004

Accounting for the Goods and Services Tax (GST)

(beginning)

1 January 2005

1038

September 2004

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(beginning)

1 January 2005

1039

July 2004

Substantive Enactment of Major Tax Bills in Australia

(beginning)

1 January 2005

1042

December 2004

Subscriber Acquisition Costs in the Telecommunications Industry

(beginning)

1 January 2005

1047

November 2004

Professional Indemnity Claims Liabilities in Medical Defence Organisations

(beginning)

1 January 2005

1052

June 2005

Tax Consolidation Accounting

(ending)

31 December 2005

1055

September 2004

Accounting for Road Earthworks

(beginning)

1 January 2005

\n```\n\n12 The application date listed in Table 2 for each Interpretation is a reference to annual reporting periods beginning or ending (as indicated) on or after the date specified. An entity may elect to apply an individual Interpretation to annual reporting periods in advance of that stated for the Interpretation in Table 2. However, an Interpretation shall not be applied to annual reporting periods beginning before 1 January 2005.","sortOrder":23},{"sectionNumber":"Table 2: Other Australian Interpretation","sectionType":"section","heading":"Table 2: Other Australian Interpretations","content":"##### Table 2: Other Australian Interpretations","sortOrder":24}],"analysis":{"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"This December 2006 version supersedes the April 2006 version and adds one Interpretation to Table 1 (IFRIC 10: 'Interim Financial Reporting and Impairment', application from 1 November 2006). The Standard's core scope — providing an up‑to‑date listing of Australian Interpretations and the service‑standard referencing mechanism — remains unchanged, but the set of required Interpretations was expanded by that addition (see 'Changes from AASB 1048 (April 2006)' and Table 1)."},"complexity_factors":["Multiple cross‑references and the ambulatory vs stationary reference rule (Preface: Need for a Service Standard) increase interpretive complexity for applying Standards.","Interlocking application and transitional dates with limited early‑adoption rules (paras 3–4; paras 10–12) require careful period‑by‑period assessment.","Two table structure listing many Interpretations with individual application dates (paras 7–11; Table 1 & Table 2) adds administrative burden.","Interaction with first‑time adoption and comparative restatement requirements (Preface; discussion of AASB 1) affects prior‑period accounting choices and systems.","Legal status nuance: Australian Interpretations are treated as ‘external documents’ under Acts Interpretation Act 1901 (Preface: Need for a Service Standard), not delegated legislation.","AASB discretion to re‑issue the Standard to keep references current imposes ongoing monitoring obligations on preparers (Preface; Main Features).","Entities in scope are defined by the Corporations Act and the Standard’s application clause (Accounting Standard header; para 2), so coverage is legally anchored and consequential."],"plain_english_summary":"This Standard lists the Australian Interpretations (AASB and UIG) that entities must apply when preparing general‑purpose financial reports and sets the dates from which each Interpretation applies. It separates Interpretations that correspond to IASB Interpretations (Table 1) from other Australian Interpretations (Table 2) and establishes a ‘service standard’ referencing method so other AASB Standards will always point to the up‑to‑date list. It affects all entities required to prepare reports under the Corporations Act and matters for anyone needing to make an explicit, unreserved statement of IFRS compliance."},"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":2260},"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"This December 2006 version is an update to the April 2006 version that adds one new interpretation (Interpretation 10 on Interim Financial Reporting and Impairment) to Table 1. The fundamental scope and purpose of the standard—as a service standard maintaining lists of interpretations—remains unchanged."},"complexity_factors":["Sophisticated statutory interpretation concepts (ambulatory vs stationary references under the Acts Interpretation Act 1901 and Legislative Instruments Act 2003)","Complex cross-referencing architecture between Australian Standards, international IFRS/IFRIC/SIC pronouncements, and the Corporations Act","Dual classification system requiring entities to determine whether they need IFRS compliance (Table 1) or purely Australian compliance (Table 2)","Multiple transitional provisions and application dates varying between annual reporting periods beginning vs ending on specific dates","Technical accounting terminology requiring understanding of 'reporting entities', 'general purpose financial reports', and the distinction between AASB and UIG Interpretations"],"plain_english_summary":"AASB 1048 is a service standard that functions as the official directory of “Australian Interpretations” entities must apply when preparing financial reports. It lists both IFRS-aligned interpretations and Australia-specific rulings (GST, tax consolidation, superannuation, stapling), and is reissued to keep references current under Australian law. It affects companies and reporting entities that must comply with Australian Accounting Standards or claim IFRS compliance — ignoring it risks non‑compliance."}},"importantCases":[],"_links":{"self":"/api/acts/aasb-1048-interpretation-and-application-of-standards-december-2006","history":"/api/acts/aasb-1048-interpretation-and-application-of-standards-december-2006/history","analysis":"/api/acts/aasb-1048-interpretation-and-application-of-standards-december-2006/analysis","conflicts":"/api/acts/aasb-1048-interpretation-and-application-of-standards-december-2006/conflicts","importantCases":"/api/acts/aasb-1048-interpretation-and-application-of-standards-december-2006/important-cases","documents":"/api/acts/aasb-1048-interpretation-and-application-of-standards-december-2006/documents"}}