{"id":"F2009L01113","name":"AASB 1048 - Interpretation and Application of Standards - March 2009","slug":"aasb-1048-interpretation-and-application-of-standards-march-2009","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":121917,"registerId":"commonwealth-F2009L01113-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Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Obtaining a Copy of this Accounting Stan","sectionType":"part","heading":"Obtaining a Copy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.gov.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| Phone: (03) 9617 7637Fax: (03) 9617 7608E-mail: publications@aasb.gov.auWebsite: www.aasb.gov.au | |\n\nCOPYRIGHT\n\n© Commonwealth of Australia 2009\n\nThis work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission. Requests and enquiries concerning reproduction and rights should be addressed to The Director of Finance and Administration, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.\n\nISSN 1036-4803","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.gov.au","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## Introduction\n\nThe Australian Accounting Standards Board (AASB) makes Australian Accounting Standards, including Interpretations, to be applied by:\n\n(a) entities required by the Corporations Act 2001 to prepare financial reports;\n\n(b) governments in preparing financial statements for the whole of government and the General Government Sector (GGS); and\n\n(c) entities in the private or public for-profit or not-for-profit sectors that are reporting entities or that prepare general purpose financial statements.\n\nAustralian Accounting Standards incorporate International Financial Reporting Standards (IFRSs), including Interpretations, issued by the International Accounting Standards Board (IASB), with the addition of paragraphs on the applicability of each Standard in the Australian environment.\n\nAustralian Accounting Standards also include requirements that are specific to Australian entities. These requirements may be located in Australian Accounting Standards that incorporate IFRSs or in other Australian Accounting Standards. In most instances, these requirements are either restricted to the not-for-profit or public sectors or include additional disclosures that address domestic, regulatory or other issues. In developing requirements for public sector entities, the AASB considers the requirements of International Public Sector Accounting Standards (IPSASs), as issued by the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants.\n\nPrivate sector for-profit entities complying with Australian Accounting Standards will simultaneously comply with IFRSs. Many other entities complying with Australian Accounting Standards will also simultaneously comply with IFRSs.\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 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\nThis Standard clarifies that all Australian Interpretations have the same authoritative status. Those that are equivalent to the IASB Interpretations must be applied to achieve compliance with IFRSs. Australian Interpretations issued by the AASB comprise both AASB and UIG Interpretations. UIG Interpretations were developed by the Urgent Issues Group, a former committee of the AASB.\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 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\nThe service Standard approach involves issuing an AASB Standard – this 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 “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 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\n## Main Features of this Standard\n\nThis Standard (issued in March 2009) supersedes the previous version of AASB 1048, issued in September 2008.\n\n### Application Date\n\nThis Standard is applicable to annual reporting periods ending on or after 31 March 2009 (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, subject to paragraphs 10 and 12.\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 statements 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 statement 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 (September 2008)\n\nThe main differences between AASB 1048 (as issued in September 2008) and this version issued in March 2009 are the addition of two Interpretations based on IFRIC Interpretations to Table 1 in paragraph 9 of the Standard, as set out in the following table.\n\n```html\n

Principal Additions to Table 1

Interpretation

Issue Date

Title

Application Date (annual reporting periods)

IFRIC or SIC

17

December 2008

Distributions of Non-cash Assets to Owners

(beginning)

1 July 2009

IFRIC 17

18

March 2009

Transfers of Assets from Customers

(beginning)

1 July 2009

IFRIC 18

\n```","sortOrder":3},{"sectionNumber":"Introduction","sectionType":"part","heading":"Introduction","content":"## Introduction\n\nThe Australian Accounting Standards Board (AASB) makes Australian Accounting Standards, including Interpretations, to be applied by:\n\n(a) entities required by the Corporations Act 2001 to prepare financial reports;\n\n(b) governments in preparing financial statements for the whole of government and the General Government Sector (GGS); and\n\n(c) entities in the private or public for-profit or not-for-profit sectors that are reporting entities or that prepare general purpose financial statements.\n\nAustralian Accounting Standards incorporate International Financial Reporting Standards (IFRSs), including Interpretations, issued by the International Accounting Standards Board (IASB), with the addition of paragraphs on the applicability of each Standard in the Australian environment.\n\nAustralian Accounting Standards also include requirements that are specific to Australian entities. These requirements may be located in Australian Accounting Standards that incorporate IFRSs or in other Australian Accounting Standards. In most instances, these requirements are either restricted to the not-for-profit or public sectors or include additional disclosures that address domestic, regulatory or other issues. In developing requirements for public sector entities, the AASB considers the requirements of International Public Sector Accounting Standards (IPSASs), as issued by the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants.\n\nPrivate sector for-profit entities complying with Australian Accounting Standards will simultaneously comply with IFRSs. Many other entities complying with Australian Accounting Standards will also simultaneously comply with IFRSs.","sortOrder":4},{"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 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\nThis Standard clarifies that all Australian Interpretations have the same authoritative status. Those that are equivalent to the IASB Interpretations must be applied to achieve compliance with IFRSs. Australian Interpretations issued by the AASB comprise both AASB and UIG Interpretations. UIG Interpretations were developed by the Urgent Issues Group, a former committee of the AASB.","sortOrder":5},{"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 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\nThe service Standard approach involves issuing an AASB Standard – this 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 “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 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.","sortOrder":6},{"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 March 2009) supersedes the previous version of AASB 1048, issued in September 2008.","sortOrder":7},{"sectionNumber":"Application Date","sectionType":"division","heading":"Application Date","content":"### Application Date\n\nThis Standard is applicable to annual reporting periods ending on or after 31 March 2009 (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, subject to paragraphs 10 and 12.","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 statements 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 statement 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 (September 2008)","sectionType":"division","heading":"Changes from AASB 1048 (September 2008)","content":"### Changes from AASB 1048 (September 2008)\n\nThe main differences between AASB 1048 (as issued in September 2008) and this version issued in March 2009 are the addition of two Interpretations based on IFRIC Interpretations to Table 1 in paragraph 9 of the Standard, as set out in the following table.\n\n```html\n

Principal Additions to Table 1

Interpretation

Issue Date

Title

Application Date (annual reporting periods)

IFRIC or SIC

17

December 2008

Distributions of Non-cash Assets to Owners

(beginning)

1 July 2009

IFRIC 17

18

March 2009

Transfers of Assets from Customers

(beginning)

1 July 2009

IFRIC 18

\n```","sortOrder":10},{"sectionNumber":"Principal Additions to Table 1","sectionType":"subdivision","heading":"Principal Additions to Table 1","content":"#### Principal Additions to Table 1","sortOrder":11},{"sectionNumber":"Comparison with","sectionType":"part","heading":"Comparison with","content":"# Comparison with\n\n# 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 AASB 101 Presentation of Financial Statements.","sortOrder":12},{"sectionNumber":"International Pronouncements","sectionType":"part","heading":"International Pronouncements","content":"# Comparison with\n\n# 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 AASB 101 Presentation of Financial Statements.","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 9) contains a list of Australian Interpretations identifying the corresponding IASB Interpretations.","sortOrder":14},{"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 AASB 101 Presentation of Financial Statements.","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| | Bruce Porter |\n| ------------------ | ------------------- |\n| Dated 5 March 2009 | Acting 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 Australian Interpretations and to ensure the effectiveness of references in AASB Standards to Australian 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 statements of each reporting entity; and\n\n(c) financial statements that are, or are held out to be, general purpose financial statements.\n\n3 This Standard applies to annual reporting periods ending on or after 31 March 2009.\n\n4 This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 that end before 31 March 2009.\n\n5 The requirements specified in this Standard apply to the financial statements 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 September 2008 as amended.","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

September 2007

[as amended to]

Changes in Existing Decommissioning, Restoration and Similar Liabilities

(beginning)

1 January 2009

IFRIC 1

1

June 2007

[as amended to]

Changes in Existing Decommissioning, Restoration and Similar Liabilities

(beginning)

1 January 2009

IFRIC 1

1

July 2004

Changes in Existing Decommissioning, Restoration and Similar Liabilities

(beginning)

1 January 2005

IFRIC 1

2

March 2008

[as amended to]

Members’ Shares in Co‑operative Entities and Similar Instruments

(beginning)

1 January 2009

IFRIC 2

2

September 2007

[as amended to]

Members’ Shares in Co‑operative Entities and Similar Instruments

(beginning)

1 January 2009

IFRIC 2

2

March 2005

Members’ Shares in Co‑operative Entities and Similar Instruments

(ending)

31 December 2005

IFRIC 2

\n```\n\n| | 4September 2007[as amended to] | Determining whether an Arrangement contains a Lease | (beginning)1 January 2009 | IFRIC 4 |\n| --- | ------------------------------ | ------------------------------------------------------------------------------------------------------- | -------------------------- | ------- |\n| | 4February 2007 | Determining whether an Arrangement contains a Lease | (beginning)1 January 2008 | IFRIC 4 |\n| | 4June 2005 | Determining whether an Arrangement contains a Lease | (beginning)1 January 2006 | IFRIC 4 |\n| | 5September 2007[as amended to] | Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds | (beginning)1 January 2009 | IFRIC 5 |\n| | 5June 2005 | Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds | (beginning)1 January 2006 | IFRIC 5 |\n| | 6September 2007[as amended to] | Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment | (beginning)1 January 2009 | IFRIC 6 |\n| | 6October 2005 | Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment | (beginning)1 December 2005 | IFRIC 6 |\n| | | | | |\n\n| | 7December 2007[as amended to] | Applying the Restatement Approach under AASB 129 Financial Reporting in Hyper­inflationary Economies | (beginning)1 January 2009 | IFRIC 7 |\n| --- | -------------------------------- | ---------------------------------------------------------------------------------------------------- | -------------------------- | -------- |\n| | 7September 2007[as amended to] | Applying the Restatement Approach under AASB 129 Financial Reporting in Hyper­inflationary Economies | (beginning)1 January 2009 | IFRIC 7 |\n| | 7February 2006 | Applying the Restatement Approach under AASB 129 Financial Reporting in Hyper­inflationary Economies | (beginning)1 March 2006 | IFRIC 7 |\n| | 8September 2007[as amended to] | Scope of AASB 2 | (beginning)1 January 2009 | IFRIC 8 |\n| | 8March 2006 | Scope of AASB 2 | (beginning)1 May 2006 | IFRIC 8 |\n| | 9March 2008[as amended to] | Reassessment of Embedded Derivatives | (beginning)1 July 2009 | IFRIC 9 |\n| | 9September 2007[as amended to] | Reassessment of Embedded Derivatives | (beginning)1 January 2009 | IFRIC 9 |\n| | 9April 2006 | Reassessment of Embedded Derivatives | (beginning)1 June 2006 | IFRIC 9 |\n| | 10December 2007[as amended to] | Interim Financial Reporting and Impairment | (beginning)1 January 2009 | IFRIC 10 |\n| | 10September 2007[as amended to] | Interim Financial Reporting and Impairment | (beginning)1 January 2009 | IFRIC 10 |\n| | 10September 2006 | Interim Financial Reporting and Impairment | (beginning)1 November 2006 | IFRIC 10 |\n| | 11September 2007[as amended to] | AASB 2 – Group and Treasury Share Transactions | (beginning)1 January 2009 | IFRIC 11 |\n| | 11February 2007 | AASB 2 – Group and Treasury Share Transactions | (beginning)1 March 2007 | IFRIC 11 |\n| | 12September 2007[as amended to] | Service Concession Arrangements | (beginning)1 January 2009 | IFRIC 12 |\n| | 12June 2007[as amended to] | Service Concession Arrangements | (beginning)1 January 2009 | IFRIC 12 |\n| | 12February 2007 | Service Concession Arrangements | (beginning)1 January 2008 | IFRIC 12 |\n| | 13September 2007[as amended to] | Customer Loyalty Programmes | (beginning)1 January 2009 | IFRIC 13 |\n| | 13August 2007 | Customer Loyalty Programmes | (beginning)1 July 2008 | IFRIC 13 |\n| | 14September 2007[as amended to] | AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction | (beginning)1 January 2009 | IFRIC 14 |\n| | 14August 2007 | AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction | (beginning)1 January 2008 | IFRIC 14 |\n| | 15August 2008 | Agreements for the Construction of Real Estate | (beginning)1 January 2009 | IFRIC 15 |\n| | 16August 2008 | Hedges of a Net Investment in a Foreign Operation | (beginning)1 October 2008 | IFRIC 16 |\n| | 17December 2008 | Distributions of Non-cash Assets to Owners | (beginning)1 July 2009 | IFRIC 17 |\n| | 18March 2009 | Transfers of Assets from Customers | (beginning)1 July 2009 | IFRIC 18 |\n| | 107March 2008[as amended to] | Introduction of the Euro | (beginning)1 July 2009 | SIC-7 |\n| | 107December 2007[as amended to] | Introduction of the Euro | (beginning)1 January 2009 | SIC-7 |\n| | 107September 2007[as amended to] | Introduction of the Euro | (beginning)1 January 2009 | SIC-7 |\n| | 107July 2004 | Introduction of the Euro | (beginning)1 January 2005 | SIC-7 |\n| | 110September 2007[as amended to] | Government Assistance – No Specific Relation to Operating Activities | (beginning)1 January 2009 | SIC-10 |\n| | 110July 2004 | Government Assistance – No Specific Relation to Operating Activities | (beginning)1 January 2005 | SIC-10 |\n| | 112September 2007[as amended to] | Consolidation – Special Purpose Entities | (beginning)1 January 2009 | SIC-12 |\n| | 112December 2004 | Consolidation – Special Purpose Entities | (beginning)1 January 2005 | SIC-12 |\n| | 113September 2007[as amended to] | Jointly Controlled Entities – Non-Monetary Contributions by Venturers | (beginning)1 January 2009 | SIC-13 |\n| | 113July 2007[as amended to] | Jointly Controlled Entities – Non-Monetary Contributions by Venturers | (beginning)1 July 2007 | SIC-13 |\n| | 113July 2004 | Jointly Controlled Entities – Non-Monetary Contributions by Venturers | (beginning)1 January 2005 | SIC-13 |\n| | 115September 2007[as amended to] | Operating Leases – Incentives | (beginning)1 January 2009 | SIC-15 |\n| | 115July 2004 | Operating Leases – Incentives | (beginning)1 January 2005 | SIC-15 |\n| | 121September 2007[as amended to] | Income Taxes – Recovery of Revalued Non-Depreciable Assets | (beginning)1 January 2009 | SIC-21 |\n| | 121July 2004 | Income Taxes – Recovery of Revalued Non-Depreciable Assets | (beginning)1 January 2005 | SIC-21 |\n| | 125September 2007[as amended to] | Income Taxes – Changes in the Tax Status of an Entity or its Shareholders | (beginning)1 January 2009 | SIC-25 |\n| | 125July 2004 | Income Taxes – Changes in the Tax Status of an Entity or its Shareholders | (beginning)1 January 2005 | SIC-25 |\n| | 127September 2007[as amended to] | Evaluating the Substance of Transactions Involving the Legal Form of a Lease | (beginning)1 January 2009 | SIC-27 |\n| | 127July 2004 | Evaluating the Substance of Transactions Involving the Legal Form of a Lease | (beginning)1 January 2005 | SIC-27 |\n| | | | | |\n\n| | 129December 2007[as amended to] | Service Concession Arrangements: Disclosures | (beginning)1 January 2009 | SIC-29 |\n| --- | -------------------------------- | ------------------------------------------------------------ | ------------------------- | ------ |\n| | 129September 2007[as amended to] | Service Concession Arrangements: Disclosures | (beginning)1 January 2009 | SIC-29 |\n| | 129February 2007 | Service Concession Arrangements: Disclosures | (beginning)1 January 2008 | SIC-29 |\n| | 129July 2004 | Disclosure – Service Concession Arrangements | (beginning)1 January 2005 | SIC-29 |\n| | 131September 2007[as amended to] | Revenue – Barter Transactions Involving Advertising Services | (beginning)1 January 2009 | SIC-31 |\n| | 131July 2004 | Revenue – Barter Transactions Involving Advertising Services | (beginning)1 January 2005 | SIC-31 |\n| | 132September 2007[as amended to] | Intangible Assets – Web Site Costs | (beginning)1 January 2009 | SIC-32 |\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, subject to the early application requirements of the Interpretation. 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

December 2007

[as amended to]

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

(beginning)

1 January 2009

1001

September 2007

[as amended to]

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

(beginning)

1 January 2009

1001

July 2005

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

(ending)

31 December 2005

1002

December 2007

[as amended to]

Post-Date-of-Transition Stapling Arrangements

(beginning)

1 January 2009

1002

September 2007

[as amended to]

Post-Date-of-Transition Stapling Arrangements

(beginning)

1 January 2009

1002

December 2005

Post-Date-of-Transition Stapling Arrangements

(ending)

31 December 2005

1003

November 2007

Australian Petroleum Resource Rent Tax

(ending)

30 June 2008

1013

December 2007

[as amended to]

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

(beginning)

1 January 2009

1013

September 2007

[as amended to]

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

(beginning)

1 January 2009

1013

April 2005

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

(ending)

31 December 2005

1017

December 2007

[as amended to]

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

(beginning)

1 January 2009

1017

September 2007

[as amended to]

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

(beginning)

1 January 2009

1017

November 2004

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

(beginning)

1 January 2005

1019

December 2007

[as amended to]

The Superannuation Contributions Surcharge

(beginning)

1 January 2009

1019

September 2007

[as amended to]

The Superannuation Contributions Surcharge

(beginning)

1 January 2009

1019

September 2004

The Superannuation Contributions Surcharge

(beginning)

1 January 2005

1030

September 2007

[as amended to]

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

(beginning)

1 January 2009

1030

September 2004

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

(beginning)

1 January 2005

1031

December 2007

[as amended to]

Accounting for the Goods and Services Tax (GST)

(beginning)

1 January 2009

1031

September 2007

[as amended to]

Accounting for the Goods and Services Tax (GST)

(beginning)

1 January 2009

1031

July 2004

Accounting for the Goods and Services Tax (GST)

(beginning)

1 January 2005

1038

December 2007

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(beginning)

1 July 2008

1038

September 2007

[as amended to]

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(beginning)

1 January 2009

1038

September 2004

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(beginning)

1 January 2005

1039

December 2007

[as amended to]

Substantive Enactment of Major Tax Bills in Australia

(beginning)

1 January 2009

1039

September 2007

[as amended to]

Substantive Enactment of Major Tax Bills in Australia

(beginning)

1 January 2009

1039

July 2004

Substantive Enactment of Major Tax Bills in Australia

(beginning)

1 January 2005

1042

December 2007

[as amended to]

Subscriber Acquisition Costs in the Telecommunications Industry

(beginning)

1 January 2009

1042

September 2007

[as amended to]

Subscriber Acquisition Costs in the Telecommunications Industry

(beginning)

1 January 2009

1042

December 2004

Subscriber Acquisition Costs in the Telecommunications Industry

(beginning)

1 January 2005

1047

December 2007

[as amended to]

Professional Indemnity Claims Liabilities in Medical Defence Organisations

(beginning)

1 January 2009

1047

September 2007

[as amended to]

Professional Indemnity Claims Liabilities in Medical Defence Organisations

(beginning)

1 January 2009

1047

November 2004

Professional Indemnity Claims Liabilities in Medical Defence Organisations

(beginning)

1 January 2005

1052

December 2007

[as amended to]

Tax Consolidation Accounting

(beginning)

1 January 2009

1052

September 2007

[as amended to]

Tax Consolidation Accounting

(beginning)

1 January 2009

1052

June 2005

Tax Consolidation Accounting

(ending)

31 December 2005

1055

December 2007

[as amended to]

Accounting for Road Earthworks

(beginning)

1 January 2009

1055

September 2007

[as amended to]

Accounting for Road Earthworks

(beginning)

1 January 2009

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, subject to the early application requirements of the Interpretation. 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

December 2007

[as amended to]

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

(beginning)

1 January 2009

1001

September 2007

[as amended to]

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

(beginning)

1 January 2009

1001

July 2005

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

(ending)

31 December 2005

1002

December 2007

[as amended to]

Post-Date-of-Transition Stapling Arrangements

(beginning)

1 January 2009

1002

September 2007

[as amended to]

Post-Date-of-Transition Stapling Arrangements

(beginning)

1 January 2009

1002

December 2005

Post-Date-of-Transition Stapling Arrangements

(ending)

31 December 2005

1003

November 2007

Australian Petroleum Resource Rent Tax

(ending)

30 June 2008

1013

December 2007

[as amended to]

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

(beginning)

1 January 2009

1013

September 2007

[as amended to]

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

(beginning)

1 January 2009

1013

April 2005

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

(ending)

31 December 2005

1017

December 2007

[as amended to]

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

(beginning)

1 January 2009

1017

September 2007

[as amended to]

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

(beginning)

1 January 2009

1017

November 2004

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

(beginning)

1 January 2005

1019

December 2007

[as amended to]

The Superannuation Contributions Surcharge

(beginning)

1 January 2009

1019

September 2007

[as amended to]

The Superannuation Contributions Surcharge

(beginning)

1 January 2009

1019

September 2004

The Superannuation Contributions Surcharge

(beginning)

1 January 2005

1030

September 2007

[as amended to]

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

(beginning)

1 January 2009

1030

September 2004

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

(beginning)

1 January 2005

1031

December 2007

[as amended to]

Accounting for the Goods and Services Tax (GST)

(beginning)

1 January 2009

1031

September 2007

[as amended to]

Accounting for the Goods and Services Tax (GST)

(beginning)

1 January 2009

1031

July 2004

Accounting for the Goods and Services Tax (GST)

(beginning)

1 January 2005

1038

December 2007

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(beginning)

1 July 2008

1038

September 2007

[as amended to]

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(beginning)

1 January 2009

1038

September 2004

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(beginning)

1 January 2005

1039

December 2007

[as amended to]

Substantive Enactment of Major Tax Bills in Australia

(beginning)

1 January 2009

1039

September 2007

[as amended to]

Substantive Enactment of Major Tax Bills in Australia

(beginning)

1 January 2009

1039

July 2004

Substantive Enactment of Major Tax Bills in Australia

(beginning)

1 January 2005

1042

December 2007

[as amended to]

Subscriber Acquisition Costs in the Telecommunications Industry

(beginning)

1 January 2009

1042

September 2007

[as amended to]

Subscriber Acquisition Costs in the Telecommunications Industry

(beginning)

1 January 2009

1042

December 2004

Subscriber Acquisition Costs in the Telecommunications Industry

(beginning)

1 January 2005

1047

December 2007

[as amended to]

Professional Indemnity Claims Liabilities in Medical Defence Organisations

(beginning)

1 January 2009

1047

September 2007

[as amended to]

Professional Indemnity Claims Liabilities in Medical Defence Organisations

(beginning)

1 January 2009

1047

November 2004

Professional Indemnity Claims Liabilities in Medical Defence Organisations

(beginning)

1 January 2005

1052

December 2007

[as amended to]

Tax Consolidation Accounting

(beginning)

1 January 2009

1052

September 2007

[as amended to]

Tax Consolidation Accounting

(beginning)

1 January 2009

1052

June 2005

Tax Consolidation Accounting

(ending)

31 December 2005

1055

December 2007

[as amended to]

Accounting for Road Earthworks

(beginning)

1 January 2009

1055

September 2007

[as amended to]

Accounting for Road Earthworks

(beginning)

1 January 2009

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, subject to the early application requirements of the Interpretation. 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":4,"scope_assessment":{"changed":true,"description":"This version supersedes the September 2008 AASB 1048 and expands the list in Table 1 by adding two IFRIC‑based Interpretations (IFRIC 17: Distributions of Non‑cash Assets to Owners; IFRIC 18: Transfers of Assets from Customers). The fundamental scope (centralising references to Australian Interpretations and requiring their application where relevant) remains the same, but the authoritative list and application dates were updated (see 'Main Features' and 'Changes from AASB 1048')."},"complexity_factors":["Large consolidated list of Interpretations across two tables with many edition dates and differing application start/end dates (Tables 1 & 2).","Legal nuance between 'ambulatory' (references to other Standards) and 'stationary' (references to external documents) references under Acts Interpretation Act and Legislative Instruments Act.","Sector‑specific Australian additions alongside IFRS‑equivalent Interpretations (creates multiple applicability pathways).","Requirement for the AASB to re‑issue this 'service' Standard to update references (administrative/ongoing burden).","Early‑adoption constraints and transition rules that vary by Interpretation (adds implementation complexity).","Each table row is a separate enforceable provision, so small changes require formal re‑issuance."],"plain_english_summary":"This AASB Standard centralises and updates the official list of Australian Interpretations that reporting entities (including Corporations Act companies and government reporting entities) must apply when preparing general purpose financial statements. Mechanically it makes other AASB Standards refer to this single, re‑issuable Standard so references to Interpretations move forward over time and entities can claim compliance with IFRSs where Interpretations correspond to IASB pronouncements.\n\nIt mainly affects preparers and auditors (who bear compliance and transition costs) and the AASB (which must re‑issue the Standard to keep references current) (paras 1–4, 9–12)."},"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":2362},"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"The standard remains strictly limited to its original purpose as a 'service standard' for cataloguing Interpretations. The March 2009 update simply added two new IFRIC-equivalent Interpretations (17 and 18) to Table 1, consistent with its designed function of maintaining current lists."},"complexity_factors":["Multiple historical versions of the same Interpretation number with different issue dates and staggered application dates (e.g., Interpretation 1 issued in July 2004, June 2007, and September 2007)","Technical legal mechanism regarding 'ambulatory' versus 'stationary' legislative references under the Acts Interpretation Act 1901","Dual table structure requiring cross-referencing between Table 1 (IFRS-corresponding) and Table 2 (Australia-specific)","Application dates specified variably as either periods 'beginning' or 'ending' on specific dates","Distinction between current AASB Interpretations and legacy UIG Interpretations issued by the former Urgent Issues Group"],"plain_english_summary":"This standard is a central directory of Australian Accounting Interpretations, split into those that mirror international IFRIC/SIC guidance and those that are purely Australian. It tells preparers which Interpretations apply so entities can meet both domestic rules and IFRS.\n\nIt exists to let other Standards refer to a single ambulatory document (so references update when the list changes). It affects companies, government bodies and any entity producing general purpose financial statements."}},"importantCases":[],"_links":{"self":"/api/acts/aasb-1048-interpretation-and-application-of-standards-march-2009","history":"/api/acts/aasb-1048-interpretation-and-application-of-standards-march-2009/history","analysis":"/api/acts/aasb-1048-interpretation-and-application-of-standards-march-2009/analysis","conflicts":"/api/acts/aasb-1048-interpretation-and-application-of-standards-march-2009/conflicts","importantCases":"/api/acts/aasb-1048-interpretation-and-application-of-standards-march-2009/important-cases","documents":"/api/acts/aasb-1048-interpretation-and-application-of-standards-march-2009/documents"}}