{"id":"F2007L03763","name":"AASB 1048 - Interpretation and Application of Standards - September 2007","slug":"aasb-1048-interpretation-and-application-of-standards-september-2007","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":70242,"registerId":"commonwealth-F2007L03763-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Obtaining Copies of Accounting Standards","sectionType":"part","heading":"Obtaining Copies of Accounting Standards","content":"## Obtaining Copies of Accounting Standards\n\nCompiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.\n\nPrinted copies of original Standards and amending Standards are available for purchase by contacting:\n\n| The Customer Service OfficerAustralian Accounting Standards BoardLevel 7600 Bourke StreetMelbourne VictoriaAUSTRALIA | Postal address:PO Box 204Collins Street West Victoria 8007AUSTRALIA |\n| -------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------- |\n| Phone: (03) 9617 7637Fax: (03) 9617 7608E-mail: publications@aasb.gov.auWebsite: www.aasb.gov.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.gov.au\n\nCOPYRIGHT\n\n© 2014 Commonwealth of Australia\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.","sortOrder":1},{"sectionNumber":"CONTENTS","sectionType":"part","heading":"CONTENTS","content":"# CONTENTS\n\nCOMPILATION DETAILS\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":"compilation details","sectionType":"part","heading":"compilation details","content":"# compilation details\n\n## Accounting Standard AASB 1048 Interpretation and Application of Standards as amended\n\nThis compiled Standard applies to annual reporting periods beginning on or after 1 January 2009. It takes into account amendments up to and including 24 September 2007 and was prepared on 8 May 2014 by the staff of the Australian Accounting Standards Board (AASB).\n\nThis compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 1048 (September 2007) as amended by other Accounting Standards, which are listed in the Table below.\n\n#### Table of Standards\n\n| Standard | Date made | Application date(annual reporting periods … on or after …) | Application, saving or transitional provisions |\n| ----------- | ----------- | ---------------------------------------------------------- | ---------------------------------------------- |\n| AASB 1048 | 5 Sep 2007 | (ending) 30 Sep 2007 | see (a) below |\n| AASB 2007-8 | 24 Sep 2007 | (beginning) 1 Jan 2009 | see (b) below |\n\n(a) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 that end before 30 September 2007.\n\n(b) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009, provided that AASB 101 Presentation of Financial Statements. is also adopted for the same period.\n\n#### Table of Amendments\n\n| Paragraph affected | How affected | By … [paragraph] |\n| ------------------ | ------------ | ------------------ |\n| 2 | amended | AASB 2007-8 [7, 8] |\n| 5 | amended | AASB 2007-8 [8] |","sortOrder":3},{"sectionNumber":"Accounting Standard AASB 1048 Interpreta","sectionType":"part","heading":"Accounting Standard AASB 1048 Interpretation and Application of Standards as amended","content":"## Accounting Standard AASB 1048 Interpretation and Application of Standards as amended\n\nThis compiled Standard applies to annual reporting periods beginning on or after 1 January 2009. It takes into account amendments up to and including 24 September 2007 and was prepared on 8 May 2014 by the staff of the Australian Accounting Standards Board (AASB).\n\nThis compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 1048 (September 2007) as amended by other Accounting Standards, which are listed in the Table below.","sortOrder":4},{"sectionNumber":"Table of Standards","sectionType":"subdivision","heading":"Table of Standards","content":"#### Table of Standards\n\n| Standard | Date made | Application date(annual reporting periods … on or after …) | Application, saving or transitional provisions |\n| ----------- | ----------- | ---------------------------------------------------------- | ---------------------------------------------- |\n| AASB 1048 | 5 Sep 2007 | (ending) 30 Sep 2007 | see (a) below |\n| AASB 2007-8 | 24 Sep 2007 | (beginning) 1 Jan 2009 | see (b) below |\n\n(a) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 that end before 30 September 2007.\n\n(b) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009, provided that AASB 101 Presentation of Financial Statements. is also adopted for the same period.","sortOrder":5},{"sectionNumber":"Table of Amendments","sectionType":"subdivision","heading":"Table of Amendments","content":"#### Table of Amendments\n\n| Paragraph affected | How affected | By … [paragraph] |\n| ------------------ | ------------ | ------------------ |\n| 2 | amended | AASB 2007-8 [7, 8] |\n| 5 | amended | AASB 2007-8 [8] |","sortOrder":6},{"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 International Accounting Standards Board (IASB) Standard that directly corresponds 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 as amended will simultaneously be in compliance with the Interpretations referred to by the IASB in its definition of International Financial Reporting Standards (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":7},{"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 International Accounting Standards Board (IASB) Standard that directly corresponds 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 as amended will simultaneously be in compliance with the Interpretations referred to by the IASB in its definition of International Financial Reporting Standards (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":8},{"sectionNumber":"AASB 1048 and IASB Pronouncements","sectionType":"part","heading":"AASB 1048 and IASB Pronouncements","content":"## AASB 1048 and IASB Pronouncements\n\nThere is no International Accounting Standards Board (IASB) Standard that directly corresponds to AASB 1048. However, Table 1 in AASB 1048 (see paragraph 9) contains a list of Australian Interpretations identifying the corresponding IASB Interpretations.","sortOrder":9},{"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 as amended will simultaneously be in compliance with the Interpretations referred to by the IASB in its definition of International Financial Reporting Standards (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":10},{"sectionNumber":"ACCOUNTING STANDARD AASB 1048","sectionType":"part","heading":"ACCOUNTING STANDARD AASB 1048","content":"# ACCOUNTING STANDARD AASB 1048\n\nThe Australian Accounting Standards Board made Accounting Standard AASB 1048 Interpretation and Application of Standards under section 334 of the Corporations Act 2001 on 5 September 2007.\n\nThis compiled version of AASB 1048 applies to annual reporting periods beginning on or after 1 January 2009. It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 24 September 2007 (see Compilation Details).","sortOrder":11},{"sectionNumber":"aCCOUNTING STANDARD AASB 1048","sectionType":"part","heading":"aCCOUNTING STANDARD AASB 1048","content":"# aCCOUNTING STANDARD AASB 1048\n\nInterpretation and Application of Standards","sortOrder":12},{"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":13},{"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 30 September 2007. \n\\[Note: For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.\\]\n\n4 This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 that end before 30 September 2007.\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 March 2007.","sortOrder":14},{"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":15},{"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 [revised]

June 2007

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 2005

Members’ Shares in Co‑operative Entities and Similar Instruments

(ending)

31 December 2005

IFRIC 2

\n```\n\n| | 4 [revised]February 2007 | Determining whether an Arrangement contains a Lease | (beginning)1 January 2008 | IFRIC 4 | |\n| --- | ------------------------ | ------------------------------------------------------------------------------------------------------- | -------------------------- | ------- | --- |\n| | 4June 2005 | Determining whether an Arrangement contains a Lease | (beginning)1 January 2006 | IFRIC 4 | |\n| | 5June 2005 | Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds | (beginning)1 January 2006 | IFRIC 5 | |\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| | 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| | 11February 2007 | AASB 2 – Group and Treasury Share Transactions | (beginning)1 March 2007 | IFRIC 11 | |\n| | 12 [revised]June 2007 | Service Concession Arrangements | (beginning)1 January 2009 | IFRIC 12 | |\n| | 12February 2007 | Service Concession Arrangements | (beginning)1 January 2008 | IFRIC 12 | |\n| | 13August 2007 | Customer Loyalty Programmes | (beginning)1 July 2008 | IFRIC 13 | |\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| | 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| | 113 [revised]July 2007 | 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| | 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| | | | | | |\n\n| | 129 [revised]February 2007 | Service Concession Arrangements: Disclosures | (beginning)1 January 2008 | SIC-29 | |\n| --- | -------------------------- | ------------------------------------------------------------ | ------------------------- | ------ | --- |\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":16},{"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":17},{"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":18},{"sectionNumber":"Table 2: Other Australian Interpretation","sectionType":"section","heading":"Table 2: Other Australian Interpretations","content":"##### Table 2: Other Australian Interpretations","sortOrder":19}],"analysis":{"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument retains its original functional scope—providing an up‑to‑date listing and mandating application of Australian Interpretations (para 1; paras 7–11). Amendments reflected in the Compilation Details and Table of Amendments adjust application dates and certain paragraphs (notably paras 2 and 5) but do not alter the Standard's core scope; they refine timing and transitional options (Compilation Details; Table of Amendments)."},"complexity_factors":["Catalogue format with many listed Interpretations and differing application dates (beginning vs ending) across two tables increases bookkeeping complexity (paras 9–12).","Early‑adoption elections and the prohibition on applying Interpretations to periods beginning before 1 Jan 2005 create conditional application rules (paras 10, 12, Compilation Details).","Cross‑references to other Standards and external IFRS/IASB materials require coordination across pronouncements to determine compliance (see 'Compliance with IFRSs' section and para 1).","Materiality linkage to AASB 1031 means entities must assess whether applying a listed Interpretation produces material information, adding judgment (para 5).","Scope definitions (entities required by Part 2M.3 of the Corporations Act; general‑purpose financial statements) determine who is bound, so entity classification is a threshold issue (para 2).","Compilation and amendment history (Compilation Details and Table of Amendments) mean users must track amendments and transitional provisions to identify the operative text (Compilation Details; Table of Amendments)."],"plain_english_summary":"This Standard is a catalogue that lists Australian Interpretations and requires entities preparing general purpose financial statements under the Corporations Act to apply the relevant Interpretations listed in Tables 1 and 2 (paras 1–3, 9, 11). Mechanically, it sets application dates, cross‑references to IASB Interpretations and permits early application in specified cases. It matters because applying the listed Interpretations affects whether for‑profit entities can state they comply with IFRSs (see 'Compliance with IFRSs')."},"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":1986},"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"The standard maintains its original purpose as an index and activation mechanism for Australian Interpretations. While the September 2007 version updates the lists to include revised interpretations (such as Interpretations 1, 4, 12 and 129) and reflects amendments from AASB 2007-8, it has not expanded beyond its core function of cataloguing interpretations and ensuring references in other standards remain effective."},"complexity_factors":["Extensive cross-referencing to other AASB Standards (AASB 101, 1031, 108) and international IFRIC/SIC interpretations","Multiple application date conventions (some for periods beginning on or after a date, others ending on or after a date)","Dual classification system requiring understanding of international vs Australia-specific interpretations","Compilation mechanics tracking amendments between September 2007 and March 2007 versions","Conditional early adoption provisions allowing voluntary application before mandatory dates"],"plain_english_summary":"This instrument is an official directory of all Australian accounting interpretations entities must apply when preparing financial reports. It lists both interpretations that mirror international IFRIC/SIC guidance and Australia‑only interpretations, sets their effective application dates, and makes references in other AASB standards legally operative. It affects companies and any entity preparing general‑purpose financial statements by clarifying which interpretation documents are approved and when they take effect."}},"importantCases":[],"_links":{"self":"/api/acts/aasb-1048-interpretation-and-application-of-standards-september-2007","history":"/api/acts/aasb-1048-interpretation-and-application-of-standards-september-2007/history","analysis":"/api/acts/aasb-1048-interpretation-and-application-of-standards-september-2007/analysis","conflicts":"/api/acts/aasb-1048-interpretation-and-application-of-standards-september-2007/conflicts","importantCases":"/api/acts/aasb-1048-interpretation-and-application-of-standards-september-2007/important-cases","documents":"/api/acts/aasb-1048-interpretation-and-application-of-standards-september-2007/documents"}}