{"id":"F2005L01907","name":"AASB 1048 - Interpretation and Application of Standards - June 2005","slug":"aasb-1048-interpretation-and-application-of-standards-june-2005","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":36111,"registerId":"commonwealth-F2005L01907-current","compilationNumber":null,"startDate":"2026-04-01","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Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Obtaining a Copy of this Accounting Stan","sectionType":"part","heading":"Obtaining a Copy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 4530 Collins StreetMelbourne Victoria 3000AUSTRALIA | Postal address:PO Box 204 Collins St WestMelbourne Victoria 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\n\nOther enquiries:\n\nPhone: (03) 9617 7600\n\nFax: (03) 9617 7608\n\nE-mail: standard@aasb.com.au\n\nCOPYRIGHT\n\n© 2005 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, Melbourne, Victoria 8007.\n\nISSN 1036-4803","sortOrder":0},{"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 – 7\n\nScope 8 – 9\n\nUIG Interpretations corresponding to IASB Interpretations 10\n\nOther UIG Interpretations 11\n\nAustralian Accounting Standard AASB 1048 Interpretation and Application of Standards is set out in paragraphs 1 – 11. 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":1},{"sectionNumber":"Preface","sectionType":"part","heading":"Preface","content":"# Preface\n\n## Reasons for Issuing AASB 1048\n\nThe Australian Accounting Standards Board (AASB) is implementing the directive of the Financial Reporting Council (FRC) to adopt the Standards of the International Accounting Standards Board (IASB) for application to reporting periods beginning on or after 1 January 2005. In considering the adoption of the Standards of the IASB, 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.\n\nAll UIG Interpretations have the same authoritative status and those that are equivalent to the IASB Interpretations must be applied to achieve compliance with the International Financial Reporting Standards (IFRSs) of the IASB.\n\nThe IASB defines IFRSs as comprising:\n\n(a) International Financial Reporting Standards;\n\n(b) International Accounting Standards; 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) UIG Interpretations issued by the AASB corresponding to the Interpretations adopted by the IASB, as listed in AASB 1048 Interpretation and Application of Standards.\n\nBefore identifying the main features of this Standard, the adoption of the IASB Standards is described and the need for a ‘service Standard’ like this is explained.\n\n### Adoption of IASB Standards\n\nIn implementing the FRC’s directive, the AASB is replacing relevant existing AASB Standards with Australian Standards equivalent to those of the IASB. The AASB has decided it will continue to issue sector-neutral Standards, that is, Standards applicable to both for-profit and not-for-profit entities, including public sector entities. Except for Standards that are specific to the not-for-profit or public sectors or that are of a purely domestic nature, the AASB is using the IASB Standards as the “foundation” Standards to which it adds material detailing the scope and applicability of a Standard in the Australian environment. Additions are made, where necessary, to broaden the content to cover sectors not addressed by an IASB Standard and domestic, regulatory or other issues.\n\nThis Standard complements the set of Australian equivalents to each IASB Standard (IFRS and IAS) and Interpretation of the IASB. This set includes UIG Interpretations that correspond to the IASB Interpretations originated by the IFRIC or the SIC. When considering the most effective approach to implementing the FRC directive, the AASB decided that Australian-source documents were needed to provide equivalents to the IASB Interpretations, and that these should be UIG Interpretations. Correlation between the UIG 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, UIG 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 reference to an UIG Interpretation in an AASB Standard issued earlier (for example, in July 2004) than the reporting date at the end of the first effective reporting period can only refer to the Interpretation that existed then (in July 2004). It cannot refer to any revised version of the UIG Interpretation that may exist at the nominated reporting date (for example, 30 June 2006). However, an AASB Standard can be issued in July 2004, referring to a second AASB Standard (existing in July 2004) and, when the first Standard is applied at 30 June 2006, the reference will be to the then-current version of the second Standard (even if it has been re-issued after July 2004).\n\nAfter analysing the issues, the AASB decided the service Standard approach constitutes the most effective way to ensure that the compliance required in the Australian equivalent of IFRS 1, AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards, has the same meaning as intended in IFRS 1.\n\nThe service Standard approach involves issuing an AASB Standard listing the UIG Interpretations corresponding to each IASB Interpretation, and referring to that Standard in every other AASB Standard where necessary to refer to an UIG Interpretation. This enables references to UIG Interpretations in all other AASB Standards to be updated by re-issuing the service Standard.\n\nThis approach preserves the status of UIG 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 UIG 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 “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 UIG Interpretations in the other Standards up to date.\n\nImplementation of this approach to clarifying the status of UIG 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 to AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.\n\nA further advantage of this approach, compared to alternative approaches, is that it is able to be combined with implementing the perceived need for an AASB Standard clarifying the status of all UIG Interpretations, irrespective of whether they correspond to an IASB Interpretation.\n\n## Main Features of this Standard\n\nThis Standard (issued in June 2005) supersedes the previous version of AASB 1048, issued in March 2005.\n\n### Application Date\n\nThis Standard is applicable in general to annual reporting periods ending on or after 31 December 2005, with exceptions for particular Interpretations (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 UIG Interpretations equivalent to the IASB Interpretations) had always applied. This differs from the requirements in previous 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 UIG Interpretations and classifies them into two groups: those that correspond to each IASB Interpretation and those that do not.\n\nIn respect of the first group (Table 1), it is necessary for those UIG 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 UIG 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 (March 2005)\n\nThe differences between AASB 1048 (issued in March 2005) and this version issued in June 2005 are the addition of two UIG Interpretations to Table 1 in paragraph 10 of the Standard and the addition of two UIG Interpretations to Table 2 in paragraph 11 of the Standard, as set out in the following tables.\n\n```html\n

Table 1 – Additions

UIG Interpretation
Issue Date

Title

IFRIC or SIC

UIG Interpretation

June 2005

4

Determining whether an Arrangement contains a Lease

IFRIC 4

UIG Interpretation

June 2005

5

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

IFRIC 5

\n```\n\n```html\n

Table 2 – Additions

UIG Interpretation

Issue Date

Title

UIG Interpretation

April 2005

1013

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

UIG Interpretation

June 2005

1052

Tax Consolidation Accounting

\n```","sortOrder":2},{"sectionNumber":"Reasons for Issuing AASB 1048","sectionType":"part","heading":"Reasons for Issuing AASB 1048","content":"## Reasons for Issuing AASB 1048\n\nThe Australian Accounting Standards Board (AASB) is implementing the directive of the Financial Reporting Council (FRC) to adopt the Standards of the International Accounting Standards Board (IASB) for application to reporting periods beginning on or after 1 January 2005. In considering the adoption of the Standards of the IASB, 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.\n\nAll UIG Interpretations have the same authoritative status and those that are equivalent to the IASB Interpretations must be applied to achieve compliance with the International Financial Reporting Standards (IFRSs) of the IASB.\n\nThe IASB defines IFRSs as comprising:\n\n(a) International Financial Reporting Standards;\n\n(b) International Accounting Standards; 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) UIG Interpretations issued by the AASB corresponding to the Interpretations adopted by the IASB, as listed in AASB 1048 Interpretation and Application of Standards.\n\nBefore identifying the main features of this Standard, the adoption of the IASB Standards is described and the need for a ‘service Standard’ like this is explained.","sortOrder":3},{"sectionNumber":"Adoption of IASB Standards","sectionType":"division","heading":"Adoption of IASB Standards","content":"### Adoption of IASB Standards\n\nIn implementing the FRC’s directive, the AASB is replacing relevant existing AASB Standards with Australian Standards equivalent to those of the IASB. The AASB has decided it will continue to issue sector-neutral Standards, that is, Standards applicable to both for-profit and not-for-profit entities, including public sector entities. Except for Standards that are specific to the not-for-profit or public sectors or that are of a purely domestic nature, the AASB is using the IASB Standards as the “foundation” Standards to which it adds material detailing the scope and applicability of a Standard in the Australian environment. Additions are made, where necessary, to broaden the content to cover sectors not addressed by an IASB Standard and domestic, regulatory or other issues.\n\nThis Standard complements the set of Australian equivalents to each IASB Standard (IFRS and IAS) and Interpretation of the IASB. This set includes UIG Interpretations that correspond to the IASB Interpretations originated by the IFRIC or the SIC. When considering the most effective approach to implementing the FRC directive, the AASB decided that Australian-source documents were needed to provide equivalents to the IASB Interpretations, and that these should be UIG Interpretations. Correlation between the UIG 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, UIG 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 reference to an UIG Interpretation in an AASB Standard issued earlier (for example, in July 2004) than the reporting date at the end of the first effective reporting period can only refer to the Interpretation that existed then (in July 2004). It cannot refer to any revised version of the UIG Interpretation that may exist at the nominated reporting date (for example, 30 June 2006). However, an AASB Standard can be issued in July 2004, referring to a second AASB Standard (existing in July 2004) and, when the first Standard is applied at 30 June 2006, the reference will be to the then-current version of the second Standard (even if it has been re-issued after July 2004).\n\nAfter analysing the issues, the AASB decided the service Standard approach constitutes the most effective way to ensure that the compliance required in the Australian equivalent of IFRS 1, AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards, has the same meaning as intended in IFRS 1.\n\nThe service Standard approach involves issuing an AASB Standard listing the UIG Interpretations corresponding to each IASB Interpretation, and referring to that Standard in every other AASB Standard where necessary to refer to an UIG Interpretation. This enables references to UIG Interpretations in all other AASB Standards to be updated by re-issuing the service Standard.\n\nThis approach preserves the status of UIG 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 UIG 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 “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 UIG Interpretations in the other Standards up to date.\n\nImplementation of this approach to clarifying the status of UIG 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 to AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.\n\nA further advantage of this approach, compared to alternative approaches, is that it is able to be combined with implementing the perceived need for an AASB Standard clarifying the status of all UIG 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 June 2005) supersedes the previous version of AASB 1048, issued in March 2005.","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 2005, with exceptions for particular Interpretations (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 UIG Interpretations equivalent to the IASB Interpretations) had always applied. This differs from the requirements in previous 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 UIG Interpretations and classifies them into two groups: those that correspond to each IASB Interpretation and those that do not.\n\nIn respect of the first group (Table 1), it is necessary for those UIG 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 UIG 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 (March 2005)","sectionType":"division","heading":"Changes from AASB 1048 (March 2005)","content":"### Changes from AASB 1048 (March 2005)\n\nThe differences between AASB 1048 (issued in March 2005) and this version issued in June 2005 are the addition of two UIG Interpretations to Table 1 in paragraph 10 of the Standard and the addition of two UIG Interpretations to Table 2 in paragraph 11 of the Standard, as set out in the following tables.\n\n```html\n

Table 1 – Additions

UIG Interpretation
Issue Date

Title

IFRIC or SIC

UIG Interpretation

June 2005

4

Determining whether an Arrangement contains a Lease

IFRIC 4

UIG Interpretation

June 2005

5

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

IFRIC 5

\n```\n\n```html\n

Table 2 – Additions

UIG Interpretation

Issue Date

Title

UIG Interpretation

April 2005

1013

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

UIG Interpretation

June 2005

1052

Tax Consolidation Accounting

\n```","sortOrder":10},{"sectionNumber":"Table 1 — Additions","sectionType":"subdivision","heading":"Table 1 — Additions","content":"#### Table 1 – Additions","sortOrder":11},{"sectionNumber":"Table 2 — Additions","sectionType":"subdivision","heading":"Table 2 — Additions","content":"#### Table 2 – Additions","sortOrder":12},{"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 10) contains a list of UIG Interpretations identifying the corresponding IASB Interpretations.\n\n### Compliance with IFRSs\n\nEntities that apply the UIG 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 IFRS 1 (paragraph 3).\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 UIG Interpretations.","sortOrder":13},{"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 10) contains a list of UIG Interpretations identifying the corresponding IASB Interpretations.","sortOrder":14},{"sectionNumber":"Compliance with IFRSs","sectionType":"division","heading":"Compliance with IFRSs","content":"### Compliance with IFRSs\n\nEntities that apply the UIG 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 IFRS 1 (paragraph 3).","sortOrder":15},{"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 UIG Interpretations.","sortOrder":16},{"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 9 June 2005 | Chair – AASB |","sortOrder":17},{"sectionNumber":"aCCOUNTING STANDARD AASB 1048","sectionType":"part","heading":"aCCOUNTING STANDARD AASB 1048","content":"# aCCOUNTING STANDARD AASB 1048\n\nInterpretation and Application of Standards","sortOrder":18},{"sectionNumber":"Objective","sectionType":"part","heading":"Objective","content":"## Objective\n\n1 The objective of this Standard is to provide an up-to-date listing of UIG Interpretations and to ensure the effectiveness of references in AASB Standards to UIG Interpretations.","sortOrder":19},{"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 2005, except as follows:\n\n(a) in respect of UIG Interpretation 3, this Standard applies to annual reporting periods ending on or after 28 February 2006; and\n\n(b) in respect of UIG Interpretations 4 and 5, this Standard applies to annual reporting periods beginning on or after 1 January 2006.\n\n4 This Standard shall not be applied to annual reporting periods beginning before 1 January 2005. Otherwise, this Standard may be applied in respect of individual UIG Interpretations to annual reporting periods prior to the relevant annual reporting periods specified in paragraph 3. An entity required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act may apply this Standard to such an earlier annual reporting period when an election has been made in accordance with subsection 334(5) of the Corporations Act.\n\n5 When applied or operative, this Standard supersedes AASB 1048 Interpretation and Application of Standards as issued in March 2005.\n\n6 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\n7 This Standard will be registered on the Federal Register of Legislative Instruments, together with its accompanying Explanatory Statement, in accordance with the Legislative Instruments Act 2003.","sortOrder":20},{"sectionNumber":"Scope","sectionType":"part","heading":"Scope","content":"## Scope\n\n8 This Standard refers to all UIG 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\n9 For ease of presentation, the UIG Interpretations are set out in two separate tables: in paragraph 10, Table 1 lists those corresponding to IASB Interpretations and, in paragraph 11, Table 2 lists the other UIG Interpretations. Each reference to an UIG Interpretation in a row in each of the Tables 1 and 2 is to be treated as a separate provision of this Standard.","sortOrder":21},{"sectionNumber":"UIG Interpretations corresponding to IAS","sectionType":"part","heading":"UIG Interpretations corresponding to IASB Interpretations","content":"## UIG Interpretations corresponding to IASB Interpretations\n\n10 An entity shall apply each relevant UIG Interpretation listed in Table 1 below.\n\n```html\n
Table 1: UIG Interpretations corresponding to IASB Interpretations

UIG Interpretation
Issue Date

Title

IFRIC or SIC

UIG Interpretation

July 2004

1

Changes in Existing Decommissioning, Restoration and Similar Liabilities

IFRIC 1

UIG Interpretation

March 2005

2

Members’ Shares in Co-operative Entities and Similar Instruments

IFRIC 2

UIG Interpretation

March 2005

3

Emission Rights

IFRIC 3

UIG Interpretation

June 2005

4

Determining whether an Arrangement contains a Lease

IFRIC 4

UIG Interpretation

June 2005

5

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

IFRIC 5

UIG Interpretation

July 2004

107

Introduction of the Euro

SIC-7

UIG Interpretation

July 2004

110

Government Assistance – No Specific Relation to Operating Activities

SIC-10

UIG Interpretation December 2004

112

Consolidation – Special Purpose Entities

SIC-12

UIG Interpretation

July 2004

113

Jointly Controlled Entities – Non-Monetary Contributions by Venturers

SIC-13

UIG Interpretation

July 2004

115

Operating Leases – Incentives

SIC-15

UIG Interpretation

July 2004

121

Income Taxes – Recovery of Revalued Non-Depreciable Assets

SIC-21

UIG Interpretation

July 2004

125

Income Taxes – Changes in the Tax Status of an Entity or its Shareholders

SIC-25

UIG Interpretation

July 2004

127

Evaluating the Substance of Transactions Involving the Legal Form of a Lease

SIC-27

UIG Interpretation

July 2004

129

Disclosure – Service Concession Arrangements

SIC-29

UIG Interpretation

July 2004

131

Revenue – Barter Transactions Involving Advertising Services

SIC-31

UIG Interpretation

July 2004

132

Intangible Assets – Web Site Costs

SIC-32

\n```\n\n## \nOther UIG Interpretations\n\n11 An entity shall apply each relevant UIG Interpretation listed in Table 2 below.\n\n```html\n
Table 2: Other UIG Interpretations

UIG Interpretation

Issue Date

Title

UIG Interpretation

April 2005

1013

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

UIG Interpretation

November 2004

1017

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

UIG Interpretation

September 2004

1019

The Superannuation Contributions Surcharge

UIG Interpretation

September 2004

1030

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

UIG Interpretation

July 2004

1031

Accounting for the Goods and Services Tax (GST)

UIG Interpretation

September 2004

1038

Contributions by Owners Made to Wholly-Owned Public Sector Entities

UIG Interpretation

July 2004

1039

Substantive Enactment of Major Tax Bills in Australia

UIG Interpretation

December 2004

1042

Subscriber Acquisition Costs in the Telecommunications Industry

UIG Interpretation

November 2004

1047

Professional Indemnity Claims Liabilities in Medical Defence Organisations

UIG Interpretation

June 2005

1052

Tax Consolidation Accounting

UIG Interpretation

September 2004

1055

Accounting for Road Earthworks

\n```","sortOrder":22},{"sectionNumber":"Table 1: UIG Interpretations correspondi","sectionType":"section","heading":"Table 1: UIG Interpretations corresponding to IASB Interpretations","content":"##### Table 1: UIG Interpretations corresponding to IASB Interpretations","sortOrder":23},{"sectionNumber":"Other UIG Interpretations","sectionType":"part","heading":"Other UIG Interpretations","content":"## \nOther UIG Interpretations\n\n11 An entity shall apply each relevant UIG Interpretation listed in Table 2 below.\n\n```html\n
Table 2: Other UIG Interpretations

UIG Interpretation

Issue Date

Title

UIG Interpretation

April 2005

1013

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

UIG Interpretation

November 2004

1017

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

UIG Interpretation

September 2004

1019

The Superannuation Contributions Surcharge

UIG Interpretation

September 2004

1030

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

UIG Interpretation

July 2004

1031

Accounting for the Goods and Services Tax (GST)

UIG Interpretation

September 2004

1038

Contributions by Owners Made to Wholly-Owned Public Sector Entities

UIG Interpretation

July 2004

1039

Substantive Enactment of Major Tax Bills in Australia

UIG Interpretation

December 2004

1042

Subscriber Acquisition Costs in the Telecommunications Industry

UIG Interpretation

November 2004

1047

Professional Indemnity Claims Liabilities in Medical Defence Organisations

UIG Interpretation

June 2005

1052

Tax Consolidation Accounting

UIG Interpretation

September 2004

1055

Accounting for Road Earthworks

\n```","sortOrder":24},{"sectionNumber":"Table 2: Other UIG Interpretations","sectionType":"section","heading":"Table 2: Other UIG Interpretations","content":"##### Table 2: Other UIG Interpretations","sortOrder":25}],"analysis":{"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":true,"description":"The June 2005 re-issue supersedes the March 2005 version and expands the listed content: two UIG Interpretations were added to Table 1 and two to Table 2 (see 'Changes from AASB 1048 (March 2005)'). The core scope — to list and classify UIG Interpretations and provide a re-issuable service Standard to maintain references — remains unchanged; the change is an incremental expansion of the listed Interpretations."},"complexity_factors":["Interaction with the Acts Interpretation Act 1901 and Legislative Instruments Act 2003: UIG Interpretations are treated as 'external documents' rather than delegated legislation (Preface 'Need for a Service Standard').","Ambulatory vs stationary references and the re-issuance mechanism required to keep cross-references current — administrative and timing complexity for preparers and standard-setter (Preface 'Need for a Service Standard').","Two-tier classification and mandatory application: Table 1 items must be applied to claim IFRS compliance; Table 2 lists additional authoritative UIGs (Scope paras 8–11; para 10–11).","Staggered and exception-laden application dates for specific Interpretations and limits on early adoption (Application paras 3–4).","First-time adoption consequences: requirement to restate comparative information under AASB 1 when adopting Australian equivalents to IFRSs (Preface 'First-time Application and Comparatives').","Frequent updates and re-issuance risk: the Standard must be re-issued to remain current, imposing ongoing monitoring and implementation effort (Preface and para 5).","Cross-mapping to IFRIC/SIC Interpretations and the need to apply international correspondence correctly to achieve an 'explicit and unreserved' IFRS statement (Preface 'Reasons' and 'Comparison with International Pronouncements').","Registration and formal instrument processes (registration on the Federal Register of Legislative Instruments) add procedural steps (Application para 7)."],"plain_english_summary":"This AASB Standard provides an up-to-date list of UIG Interpretations and requires entities that must prepare financial reports under the Corporations Act to apply the relevant Interpretations listed in Table 1 (those corresponding to IASB Interpretations) and Table 2 (other UIGs). It fixes application dates (with narrow exceptions), supersedes the March 2005 version and adds several Interpretations. The Board says the list is needed so Australian reporting can be explicitly compliant with IFRSs; the Standard also preserves UIGs as external documents and uses re-issuance to keep cross-references current."},"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":2676},"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This Standard maintains its original scope as a 'service Standard' designed to catalogue and give legal effect to UIG Interpretations. While this June 2005 version updates the earlier March 2005 version by adding four new interpretations (UIG 4, 5, 1013, and 1052), this represents routine maintenance of the listing tables rather than a fundamental expansion beyond the original purpose of providing an authoritative reference mechanism."},"complexity_factors":["Legal distinction between 'delegated legislation' (AASB Standards) and 'external documents' (UIG Interpretations) under the Acts Interpretation Act 1901","Concept of 'ambulatory' (self-updating) versus 'stationary' (fixed) statutory references","Multiple staggered application dates: general rule (reporting periods ending on or after 31 December 2005) versus specific dates for UIG Interpretations 3, 4, and 5","Cross-referencing mechanism linking Australian UIG Interpretations to international IFRIC and SIC Interpretations","Technical requirement to understand the accounting standards hierarchy and prerequisites for explicit IFRS compliance statements"],"plain_english_summary":"This Standard is a maintained directory of UIG Interpretations used in Australian financial reporting, mapping domestic interpretations to international IFRIC/SIC guidance and listing Australia‑specific rulings (GST, tax consolidation, superannuation surcharges, stapling). It exists so other AASB Standards can refer to a single, updatable source rather than freezing external documents.\n\nIt affects companies and any entities preparing general‑purpose financial reports that must comply with Australian Accounting Standards and the Corporations Act 2001."}},"importantCases":[],"_links":{"self":"/api/acts/aasb-1048-interpretation-and-application-of-standards-june-2005","history":"/api/acts/aasb-1048-interpretation-and-application-of-standards-june-2005/history","analysis":"/api/acts/aasb-1048-interpretation-and-application-of-standards-june-2005/analysis","conflicts":"/api/acts/aasb-1048-interpretation-and-application-of-standards-june-2005/conflicts","importantCases":"/api/acts/aasb-1048-interpretation-and-application-of-standards-june-2005/important-cases","documents":"/api/acts/aasb-1048-interpretation-and-application-of-standards-june-2005/documents"}}