{"id":"F2014L00238","name":"AASB 1048 - Interpretation of Standards - December 2013","slug":"aasb-1048-interpretation-of-standards-december-2013","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":128420,"registerId":"commonwealth-F2014L00238-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Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Obtaining a Copy of this Accounting Stan","sectionType":"part","heading":"Obtaining a Copy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 204Collins Street WestVictoria 8007AUSTRALIA |\n| -------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------ |\n\nPhone: (03) 9617 7637\n\nFax: (03) 9617 7608\n\nE-mail: publications@aasb.gov.au\n\nWebsite: 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© Commonwealth of Australia 2013\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":1},{"sectionNumber":"CONTENTS","sectionType":"part","heading":"CONTENTS","content":"# CONTENTS\n\nPreface\n\nComparison with International Pronouncements\n\nAccounting Standard\n\nAASB 1048 Interpretation of Standards\n\nParagraphs\n\nObjective 1\n\nApplication 2 – 5\n\nInterpretations 6 – 7\n\nAustralian Interpretations corresponding to IASB Interpretations 8 – 9\n\nOther Australian Interpretations 10 – 11\n\nConceptual Framework 12 – 13\n\nAustralian Accounting Standard AASB 1048 Interpretation of Standards is set out in paragraphs 1 – 13. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. 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\nAASB 1053 Application of Tiers of Australian Accounting Standards establishes a differential reporting framework consisting of two tiers of reporting requirements for preparing general purpose financial statements:\n\n(a) Tier 1: Australian Accounting Standards; and\n\n(b) Tier 2: Australian Accounting Standards – Reduced Disclosure Requirements.\n\nTier 1 requirements 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\nPublicly accountable for-profit private sector entities are required to adopt Tier 1 requirements, and therefore are required to comply with IFRSs. Furthermore, other for-profit private sector entities complying with Tier 1 requirements will simultaneously comply with IFRSs. Some other entities complying with Tier 1 requirements will also simultaneously comply with IFRSs.\n\nTier 2 requirements comprise the recognition, measurement and presentation requirements of Tier 1 but substantially reduced disclosure requirements in comparison with Tier 1.\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. These requirements do not prevent publicly accountable for-profit private sector entities from complying with IFRSs. 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\n## Reasons for Issuing AASB 1048\n\nAustralian Accounting Standards that apply to annual reporting periods beginning on or after 1 January 2005 incorporate IFRSs, which comprise Accounting Standards and Interpretations. The adoption of IFRSs 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 incorporate 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\nThis Standard also updates references in other Standards to the Framework for the Preparation and Presentation of Financial Statements (July 2004) to subsequent versions.\n\n### Need for a Service Standard\n\n#### Australian Interpretations\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 a Standard can refer only 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, a Standard can refer to a second 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 reissued since the first Standard was issued.\n\nThe service Standard approach, as applied to Australian Interpretations, involves issuing this Standard to list the Australian Interpretations, and referring to this Standard in every other Standard where necessary to refer to an Interpretation. This enables references to the Interpretations in all other Standards to be updated by reissuing the service Standard.\n\nThis approach preserves the status of Australian Interpretations as ‘external documents’ referred to in a Standard. It does not treat the Interpretations as delegated legislation or confer ambulatory status on the reference. In each Standard where there is a need to refer to an Australian Interpretation, the reference will be to this Standard, phrased as “Interpretation \\[number\\] \\[title\\] as identified in AASB 1048” (or similar). This reference, being to another Standard, is ambulatory and will refer to the version of this Standard that is in force from time to time. AASB 1048 itself will contain the direct references to the external documents and will be reissued periodically.\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#### Australian Conceptual Framework\n\nIn the Australian context, an Australian conceptual framework pronouncement, such as the Framework for the Preparation and Presentation of Financial Statements (Framework), also does not have the same legal status as a Standard (delegated legislation) and, like Interpretations, is treated as an ‘external document’ by the Acts Interpretation Act 1901 and the Legislative Instruments Act 2003.\n\nThe service Standard approach, as applied to the Australian conceptual framework, involves issuing this Standard to update references to the Framework in other Standards. This approach preserves the status of the Framework as an ‘external document’ referred to in a Standard. It does not treat the Framework as delegated legislation or confer ambulatory status on the reference.\n\n## Main Features of this Standard\n\nThis Standard (issued in December 2013) supersedes the previous version of AASB 1048, issued in June 2012 (as amended).\n\n### Application Date\n\nThis Standard is applicable to annual reporting periods ending on or after 20 December 2013 (see paragraph 3). To be consistent with the position for IFRSs as adopted in Australia, 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 9, 11 and 13 of this Standard.\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 the SIC Interpretations.\n\nIn the second group (Table 2), this Standard lists the other Australian Interpretations, which 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\nThis Standard (see Table 3) also updates references to the Framework for the Preparation and Presentation of Financial Statements (July 2004) in other Standards to refer to an amended version of the Framework, as identified in this Standard.\n\nThe Standard will be reissued when necessary to keep the Tables up to date.\n\n### Changes from AASB 1048 (June 2012, as amended)\n\nThe main differences between the previous version of AASB 1048 and this version include:\n\n(a) the removal from Tables 1 and 2 of the versions of Interpretations that do not apply to any of the reporting periods to which this Standard mandatorily applies (see paragraph 3). This includes the removal of Interpretation 121 Income Taxes – Recovery of Revalued Non-Depreciable Assets, which was superseded by AASB 112 Income Taxes for annual reporting periods beginning on or after 1 January 2012;\n\n(b) the addition of one Interpretation incorporating an IFRIC Interpretation to Table 1, as set out in the following table:\n\n```html\n

Principal Addition to Table 1

Interpretation

Issue Date

Title

Application Date (annual reporting periods)

IFRIC or SIC Interp’n

21

December 2013

[as amended to]

Levies

(beginning)

1 January 2014

IFRIC 21

\n```\n\n(c) the addition of amended versions of Interpretations to Table 1 and Table 2, where applicable to any reporting period to which this Standard mandatorily applies. This reflects amended versions of Interpretations arising in relation to amendments to AASB 9 Financial Instruments and the Framework, the deferral of the consequential amendments for not-for-profit entities of AASB 10 Consolidated Financial Statements and related Standards, and the revised AASB 1031 Materiality issued in December 2013; and\n\n(d) the addition of a section to update references to the Framework in other Standards to an amended version of the Framework.","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\nAASB 1053 Application of Tiers of Australian Accounting Standards establishes a differential reporting framework consisting of two tiers of reporting requirements for preparing general purpose financial statements:\n\n(a) Tier 1: Australian Accounting Standards; and\n\n(b) Tier 2: Australian Accounting Standards – Reduced Disclosure Requirements.\n\nTier 1 requirements 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\nPublicly accountable for-profit private sector entities are required to adopt Tier 1 requirements, and therefore are required to comply with IFRSs. Furthermore, other for-profit private sector entities complying with Tier 1 requirements will simultaneously comply with IFRSs. Some other entities complying with Tier 1 requirements will also simultaneously comply with IFRSs.\n\nTier 2 requirements comprise the recognition, measurement and presentation requirements of Tier 1 but substantially reduced disclosure requirements in comparison with Tier 1.\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. These requirements do not prevent publicly accountable for-profit private sector entities from complying with IFRSs. 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.","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 incorporate IFRSs, which comprise Accounting Standards and Interpretations. The adoption of IFRSs 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 incorporate 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\nThis Standard also updates references in other Standards to the Framework for the Preparation and Presentation of Financial Statements (July 2004) to subsequent versions.","sortOrder":5},{"sectionNumber":"Need for a Service Standard","sectionType":"division","heading":"Need for a Service Standard","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\nAASB 1053 Application of Tiers of Australian Accounting Standards establishes a differential reporting framework consisting of two tiers of reporting requirements for preparing general purpose financial statements:\n\n(a) Tier 1: Australian Accounting Standards; and\n\n(b) Tier 2: Australian Accounting Standards – Reduced Disclosure Requirements.\n\nTier 1 requirements 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\nPublicly accountable for-profit private sector entities are required to adopt Tier 1 requirements, and therefore are required to comply with IFRSs. Furthermore, other for-profit private sector entities complying with Tier 1 requirements will simultaneously comply with IFRSs. Some other entities complying with Tier 1 requirements will also simultaneously comply with IFRSs.\n\nTier 2 requirements comprise the recognition, measurement and presentation requirements of Tier 1 but substantially reduced disclosure requirements in comparison with Tier 1.\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. These requirements do not prevent publicly accountable for-profit private sector entities from complying with IFRSs. 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\n## Reasons for Issuing AASB 1048\n\nAustralian Accounting Standards that apply to annual reporting periods beginning on or after 1 January 2005 incorporate IFRSs, which comprise Accounting Standards and Interpretations. The adoption of IFRSs 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 incorporate 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\nThis Standard also updates references in other Standards to the Framework for the Preparation and Presentation of Financial Statements (July 2004) to subsequent versions.\n\n### Need for a Service Standard\n\n#### Australian Interpretations\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 a Standard can refer only 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, a Standard can refer to a second 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 reissued since the first Standard was issued.\n\nThe service Standard approach, as applied to Australian Interpretations, involves issuing this Standard to list the Australian Interpretations, and referring to this Standard in every other Standard where necessary to refer to an Interpretation. This enables references to the Interpretations in all other Standards to be updated by reissuing the service Standard.\n\nThis approach preserves the status of Australian Interpretations as ‘external documents’ referred to in a Standard. It does not treat the Interpretations as delegated legislation or confer ambulatory status on the reference. In each Standard where there is a need to refer to an Australian Interpretation, the reference will be to this Standard, phrased as “Interpretation \\[number\\] \\[title\\] as identified in AASB 1048” (or similar). This reference, being to another Standard, is ambulatory and will refer to the version of this Standard that is in force from time to time. AASB 1048 itself will contain the direct references to the external documents and will be reissued periodically.\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#### Australian Conceptual Framework\n\nIn the Australian context, an Australian conceptual framework pronouncement, such as the Framework for the Preparation and Presentation of Financial Statements (Framework), also does not have the same legal status as a Standard (delegated legislation) and, like Interpretations, is treated as an ‘external document’ by the Acts Interpretation Act 1901 and the Legislative Instruments Act 2003.\n\nThe service Standard approach, as applied to the Australian conceptual framework, involves issuing this Standard to update references to the Framework in other Standards. This approach preserves the status of the Framework as an ‘external document’ referred to in a Standard. It does not treat the Framework as delegated legislation or confer ambulatory status on the reference.\n\n## Main Features of this Standard\n\nThis Standard (issued in December 2013) supersedes the previous version of AASB 1048, issued in June 2012 (as amended).\n\n### Application Date\n\nThis Standard is applicable to annual reporting periods ending on or after 20 December 2013 (see paragraph 3). To be consistent with the position for IFRSs as adopted in Australia, 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 9, 11 and 13 of this Standard.\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 the SIC Interpretations.\n\nIn the second group (Table 2), this Standard lists the other Australian Interpretations, which 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\nThis Standard (see Table 3) also updates references to the Framework for the Preparation and Presentation of Financial Statements (July 2004) in other Standards to refer to an amended version of the Framework, as identified in this Standard.\n\nThe Standard will be reissued when necessary to keep the Tables up to date.\n\n### Changes from AASB 1048 (June 2012, as amended)\n\nThe main differences between the previous version of AASB 1048 and this version include:\n\n(a) the removal from Tables 1 and 2 of the versions of Interpretations that do not apply to any of the reporting periods to which this Standard mandatorily applies (see paragraph 3). This includes the removal of Interpretation 121 Income Taxes – Recovery of Revalued Non-Depreciable Assets, which was superseded by AASB 112 Income Taxes for annual reporting periods beginning on or after 1 January 2012;\n\n(b) the addition of one Interpretation incorporating an IFRIC Interpretation to Table 1, as set out in the following table:\n\n```html\n

Principal Addition to Table 1

Interpretation

Issue Date

Title

Application Date (annual reporting periods)

IFRIC or SIC Interp’n

21

December 2013

[as amended to]

Levies

(beginning)

1 January 2014

IFRIC 21

\n```\n\n(c) the addition of amended versions of Interpretations to Table 1 and Table 2, where applicable to any reporting period to which this Standard mandatorily applies. This reflects amended versions of Interpretations arising in relation to amendments to AASB 9 Financial Instruments and the Framework, the deferral of the consequential amendments for not-for-profit entities of AASB 10 Consolidated Financial Statements and related Standards, and the revised AASB 1031 Materiality issued in December 2013; and\n\n(d) the addition of a section to update references to the Framework in other Standards to an amended version of the Framework.","sortOrder":6},{"sectionNumber":"Australian Interpretations","sectionType":"subdivision","heading":"Australian Interpretations","content":"#### Australian Interpretations\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 a Standard can refer only 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, a Standard can refer to a second 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 reissued since the first Standard was issued.\n\nThe service Standard approach, as applied to Australian Interpretations, involves issuing this Standard to list the Australian Interpretations, and referring to this Standard in every other Standard where necessary to refer to an Interpretation. This enables references to the Interpretations in all other Standards to be updated by reissuing the service Standard.\n\nThis approach preserves the status of Australian Interpretations as ‘external documents’ referred to in a Standard. It does not treat the Interpretations as delegated legislation or confer ambulatory status on the reference. In each Standard where there is a need to refer to an Australian Interpretation, the reference will be to this Standard, phrased as “Interpretation \\[number\\] \\[title\\] as identified in AASB 1048” (or similar). This reference, being to another Standard, is ambulatory and will refer to the version of this Standard that is in force from time to time. AASB 1048 itself will contain the direct references to the external documents and will be reissued periodically.\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":7},{"sectionNumber":"Australian Conceptual Framework","sectionType":"subdivision","heading":"Australian Conceptual Framework","content":"#### Australian Conceptual Framework\n\nIn the Australian context, an Australian conceptual framework pronouncement, such as the Framework for the Preparation and Presentation of Financial Statements (Framework), also does not have the same legal status as a Standard (delegated legislation) and, like Interpretations, is treated as an ‘external document’ by the Acts Interpretation Act 1901 and the Legislative Instruments Act 2003.\n\nThe service Standard approach, as applied to the Australian conceptual framework, involves issuing this Standard to update references to the Framework in other Standards. This approach preserves the status of the Framework as an ‘external document’ referred to in a Standard. It does not treat the Framework as delegated legislation or confer ambulatory status on the reference.","sortOrder":8},{"sectionNumber":"Main Features of this Standard","sectionType":"part","heading":"Main Features of this Standard","content":"## Main Features of this Standard\n\nThis Standard (issued in December 2013) supersedes the previous version of AASB 1048, issued in June 2012 (as amended).","sortOrder":9},{"sectionNumber":"Application Date","sectionType":"division","heading":"Application Date","content":"### Application Date\n\nThis Standard is applicable to annual reporting periods ending on or after 20 December 2013 (see paragraph 3). To be consistent with the position for IFRSs as adopted in Australia, 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 9, 11 and 13 of this Standard.","sortOrder":10},{"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 the SIC Interpretations.\n\nIn the second group (Table 2), this Standard lists the other Australian Interpretations, which 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\nThis Standard (see Table 3) also updates references to the Framework for the Preparation and Presentation of Financial Statements (July 2004) in other Standards to refer to an amended version of the Framework, as identified in this Standard.\n\nThe Standard will be reissued when necessary to keep the Tables up to date.","sortOrder":11},{"sectionNumber":"Changes from AASB 1048 (June 2012, as am","sectionType":"division","heading":"Changes from AASB 1048 (June 2012, as amended)","content":"### Changes from AASB 1048 (June 2012, as amended)\n\nThe main differences between the previous version of AASB 1048 and this version include:\n\n(a) the removal from Tables 1 and 2 of the versions of Interpretations that do not apply to any of the reporting periods to which this Standard mandatorily applies (see paragraph 3). This includes the removal of Interpretation 121 Income Taxes – Recovery of Revalued Non-Depreciable Assets, which was superseded by AASB 112 Income Taxes for annual reporting periods beginning on or after 1 January 2012;\n\n(b) the addition of one Interpretation incorporating an IFRIC Interpretation to Table 1, as set out in the following table:\n\n```html\n

Principal Addition to Table 1

Interpretation

Issue Date

Title

Application Date (annual reporting periods)

IFRIC or SIC Interp’n

21

December 2013

[as amended to]

Levies

(beginning)

1 January 2014

IFRIC 21

\n```\n\n(c) the addition of amended versions of Interpretations to Table 1 and Table 2, where applicable to any reporting period to which this Standard mandatorily applies. This reflects amended versions of Interpretations arising in relation to amendments to AASB 9 Financial Instruments and the Framework, the deferral of the consequential amendments for not-for-profit entities of AASB 10 Consolidated Financial Statements and related Standards, and the revised AASB 1031 Materiality issued in December 2013; and\n\n(d) the addition of a section to update references to the Framework in other Standards to an amended version of the Framework.","sortOrder":12},{"sectionNumber":"Principal Addition to Table 1","sectionType":"subdivision","heading":"Principal Addition to Table 1","content":"#### Principal Addition to Table 1","sortOrder":13},{"sectionNumber":"cOMPARISON WITH International pronouncem","sectionType":"part","heading":"cOMPARISON WITH International pronouncements","content":"# cOMPARISON WITH \nInternational 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 8) contains a list of Australian Interpretations identifying the corresponding IASB Interpretations.\n\n### Compliance with IFRSs\n\nFor-profit entities preparing general purpose financial statements under Tier 1 reporting requirements 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 International Financial Reporting Standards (IFRSs). Such compliance is one of the prerequisites for an entity to be able to make an explicit and unreserved statement of compliance with IFRSs, as described in AASB 101 Presentation of Financial Statements.\n\nEntities preparing general purpose financial statements under Tier 2 reporting requirements may not be in compliance with IASB Interpretations.\n\nIn relation to references to the Framework for the Preparation and Presentation of Financial Statements in other Standards, the approach taken in this Standard to clarifying the applicable framework pronouncement ensures there is no difference between the version of the conceptual framework referred to in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors, and in other Standards.","sortOrder":14},{"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 8) contains a list of Australian Interpretations identifying the corresponding IASB Interpretations.","sortOrder":15},{"sectionNumber":"Compliance with IFRSs","sectionType":"division","heading":"Compliance with IFRSs","content":"### Compliance with IFRSs\n\nFor-profit entities preparing general purpose financial statements under Tier 1 reporting requirements 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 International Financial Reporting Standards (IFRSs). Such compliance is one of the prerequisites for an entity to be able to make an explicit and unreserved statement of compliance with IFRSs, as described in AASB 101 Presentation of Financial Statements.\n\nEntities preparing general purpose financial statements under Tier 2 reporting requirements may not be in compliance with IASB Interpretations.\n\nIn relation to references to the Framework for the Preparation and Presentation of Financial Statements in other Standards, the approach taken in this Standard to clarifying the applicable framework pronouncement ensures there is no difference between the version of the conceptual framework referred to in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors, and in other Standards.","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 of Standards under section 334 of the Corporations Act 2001.\n\n| | Kevin M. Stevenson |\n| ---------------------- | ------------------ |\n| Dated 20 December 2013 | Chair – AASB |","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 Australian Accounting Standards to Australian Interpretations and to the Framework for the Preparation and Presentation of Financial Statements (Framework). AASB and UIG Interpretations are referred to collectively in this Standard as Australian 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 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 20 December 2013.\n\n4 This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 that end before 20 December 2013.\n\n5 When applied or operative, this Standard supersedes AASB 1048 Interpretation of Standards (June 2012, as amended).","sortOrder":20},{"sectionNumber":"Interpretations","sectionType":"part","heading":"Interpretations","content":"## Interpretations\n\n6 This Standard refers to all Australian Interpretations currently approved by the AASB and applicable to any period[\\[1\\]](#_ftn1) specified in paragraph 3, classified according to whether or not they correspond to Interpretations adopted by the International Accounting Standards Board (IASB).\n\n7 For ease of presentation, the Australian Interpretations are set out in two separate tables: in paragraph 8, Table 1 lists those corresponding to IASB Interpretations and, in paragraph 10, 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":21},{"sectionNumber":"Australian Interpretations corresponding","sectionType":"division","heading":"Australian Interpretations corresponding to IASB Interpretations","content":"### Australian Interpretations corresponding to IASB Interpretations\n\n8 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 Interp’n

1

December 2013

[as amended to]

Changes in Existing Decommissioning, Restoration and Similar Liabilities

(beginning)

1 January 2014

IFRIC 1

1

June 2009

[as amended to]

Changes in Existing Decommissioning, Restoration and Similar Liabilities

(beginning)

1 January 2009

IFRIC 1

2

December 2013

[as amended to]

Members’ Shares in Co‑operative Entities and Similar Instruments

(beginning)

1 January 2017

IFRIC 2

2

December 2013

[as amended to]

Members’ Shares in Co‑operative Entities and Similar Instruments

(beginning)

1 January 2014

IFRIC 2

2

September 2012

[as amended to]

Members’ Shares in Co‑operative Entities and Similar Instruments

(beginning)

1 July 2013

IFRIC 2

2

September 2012

[as amended to]

Members’ Shares in Co‑operative Entities and Similar Instruments

(beginning)

1 January 2013

IFRIC 2

2

May 2011

[as amended to]

Members’ Shares in Co‑operative Entities and Similar Instruments

(beginning)

1 July 2011

IFRIC 2

\n```\n\n| 4December 2013[as amended to] | Determining whether an Arrangement contains a Lease | (beginning)1 January 2014 | IFRIC 4 |\n| ------------------------------ | ------------------------------------------------------------------------------------------------------- | ------------------------- | ------- |\n| 4September 2012[as amended to] | Determining whether an Arrangement contains a Lease | (beginning)1 July 2013 | IFRIC 4 |\n| 4September 2012[as amended to] | Determining whether an Arrangement contains a Lease | (beginning)1 January 2013 | IFRIC 4 |\n| 4December 2009[as amended to] | Determining whether an Arrangement contains a Lease | (beginning)1 January 2011 | IFRIC 4 |\n| 5December 2013[as amended to] | Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds | (beginning)1 January 2017 | IFRIC 5 |\n| 5December 2013[as amended to] | Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds | (beginning)1 January 2014 | IFRIC 5 |\n| 5December 2012[as amended to] | Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds | (beginning)1 July 2013 | IFRIC 5 |\n| 5December 2012[as amended to] | Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds | (beginning)1 January 2013 | IFRIC 5 |\n| 5September 2007[as amended to] | Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds | (beginning)1 January 2009 | IFRIC 5 |\n| 6December 2013[as amended to] | Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment | (beginning)1 January 2014 | IFRIC 6 |\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| 7December 2013[as amended to] | Applying the Restatement Approach under AASB 129 Financial Reporting in Hyper­inflationary Economies | (beginning)1 January 2014 | IFRIC 7 |\n| 7October 2009[as amended to] | Applying the Restatement Approach under AASB 129 Financial Reporting in Hyper­inflationary Economies | (beginning)1 January 2009 | IFRIC 7 |\n| 9December 2013[as amended to] | Reassessment of Embedded Derivatives | (beginning)1 January 2014 | IFRIC 9 |\n\n| 9December 2012[as amended to] | Reassessment of Embedded Derivatives | (beginning)1 January 2013 | IFRIC 9 |\n| -------------------------------- | --------------------------------------------------------------------------------------------------- | ------------------------- | -------- |\n| 9May 2009[as amended to] | Reassessment of Embedded Derivatives | (beginning)1 July 2009 | IFRIC 9 |\n| 10December 2013[as amended to] | Interim Financial Reporting and Impairment | (beginning)1 January 2017 | IFRIC 10 |\n| 10December 2013[as amended to] | Interim Financial Reporting and Impairment | (beginning)1 January 2014 | IFRIC 10 |\n| 10October 2009[as amended to] | Interim Financial Reporting and Impairment | (beginning)1 January 2009 | IFRIC 10 |\n| 12December 2013[as amended to] | Service Concession Arrangements | (beginning)1 January 2017 | IFRIC 12 |\n| 12December 2013[as amended to] | Service Concession Arrangements | (beginning)1 January 2014 | IFRIC 12 |\n| 12December 2013[as amended to] | Service Concession Arrangements | (ending)20 December 2013 | IFRIC 12 |\n| 12December 2012[as amended to] | Service Concession Arrangements | (beginning)1 January 2013 | IFRIC 12 |\n| 12June 2009[as amended to] | Service Concession Arrangements | (beginning)1 January 2009 | IFRIC 12 |\n| 13December 2013[as amended to] | Customer Loyalty Programmes | (beginning)1 January 2014 | IFRIC 13 |\n| 13September 2012[as amended to] | Customer Loyalty Programmes | (beginning)1 January 2013 | IFRIC 13 |\n| 13June 2010[as amended to] | Customer Loyalty Programmes | (beginning)1 January 2011 | IFRIC 13 |\n| 14December 2013[as amended to] | AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction | (beginning)1 January 2014 | IFRIC 14 |\n| 14September 2012[as amended to] | AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction | (beginning)1 January 2013 | IFRIC 14 |\n| 14December 2009[as amended to] | AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction | (beginning)1 January 2011 | IFRIC 14 |\n| 15December 2013[as amended to] | Agreements for the Construction of Real Estate | (beginning)1 January 2014 | IFRIC 15 |\n| 15June 2010[as amended to] | Agreements for the Construction of Real Estate | (beginning)1 July 2013 | IFRIC 15 |\n| 15August 2008 | Agreements for the Construction of Real Estate | (beginning)1 January 2009 | IFRIC 15 |\n| 16December 2013[as amended to] | Hedges of a Net Investment in a Foreign Operation | (beginning)1 January 2017 | IFRIC 16 |\n| 16December 2013[as amended to] | Hedges of a Net Investment in a Foreign Operation | (beginning)1 January 2014 | IFRIC 16 |\n| 16December 2012[as amended to] | Hedges of a Net Investment in a Foreign Operation | (beginning)1 January 2013 | IFRIC 16 |\n| 16December 2009[as amended to] | Hedges of a Net Investment in a Foreign Operation | (beginning)1 January 2011 | IFRIC 16 |\n| 17December 2013[as amended to] | Distributions of Non-cash Assets to Owners | (beginning)1 January 2014 | IFRIC 17 |\n| 17December 2012[as amended to] | Distributions of Non-cash Assets to Owners | (beginning)1 July 2013 | IFRIC 17 |\n| 17December 2012[as amended to] | Distributions of Non-cash Assets to Owners | (beginning)1 January 2013 | IFRIC 17 |\n| 17June 2009[as amended to] | Distributions of Non-cash Assets to Owners | (beginning)1 July 2009 | IFRIC 17 |\n| 18December 2013[as amended to] | Transfers of Assets from Customers | (beginning)1 January 2014 | IFRIC 18 |\n| 18December 2013[as amended to] | Transfers of Assets from Customers | (ending)20 December 2013 | IFRIC 18 |\n| 18March 2009 | Transfers of Assets from Customers | (ending)1 July 2009 | IFRIC 18 |\n| 19December 2013[as amended to] | Extinguishing Financial Liabilities with Equity Instruments | (beginning)1 January 2017 | IFRIC 19 |\n| 19December 2013[as amended to] | Extinguishing Financial Liabilities with Equity Instruments | (beginning)1 January 2014 | IFRIC 19 |\n| 19December 2013[as amended to] | Extinguishing Financial Liabilities with Equity Instruments | (ending)20 December 2013 | IFRIC 19 |\n| 19September 2012[as amended to] | Extinguishing Financial Liabilities with Equity Instruments | (beginning)1 January 2013 | IFRIC 19 |\n| 19December 2009 | Extinguishing Financial Liabilities with Equity Instruments | (beginning)1 July 2010 | IFRIC 19 |\n| 20December 2013[as amended to] | Stripping Costs in the Production Phase of a Surface Mine | (beginning)1 January 2014 | IFRIC 20 |\n| 20November 2011 | Stripping Costs in the Production Phase of a Surface Mine | (beginning)1 January 2013 | IFRIC 20 |\n| 21December 2013[as amended to] | Levies | (beginning)1 January 2014 | IFRIC 21 |\n| 107December 2013[as amended to] | Introduction of the Euro | (beginning)1 January 2017 | SIC-7 |\n| 107December 2013[as amended to] | Introduction of the Euro | (beginning)1 January 2014 | SIC-7 |\n| 107June 2009[as amended to] | Introduction of the Euro | (beginning)1 July 2009 | SIC-7 |\n| 110December 2013[as amended to] | Government Assistance – No Specific Relation to Operating Activities | (beginning)1 January 2014 | SIC-10 |\n| 110September 2007[as amended to] | Government Assistance – No Specific Relation to Operating Activities | (beginning)1 January 2009 | SIC-10 |\n| 112May 2011[as amended to] | Consolidation – Special Purpose Entities | (beginning)1 July 2011 | SIC-12 |\n| 113May 2011[as amended to] | Jointly Controlled Entities – Non-Monetary Contributions by Venturers | (beginning)1 July 2011 | SIC-13 |\n| 115December 2013[as amended to] | Operating Leases – Incentives | (beginning)1 January 2014 | SIC-15 |\n| 115December 2013[as amended to] | Operating Leases – Incentives | (ending)20 December 2013 | SIC-15 |\n| 115October 2010[as amended to] | Operating Leases – Incentives | (beginning)1 January 2011 | SIC-15 |\n| 125December 2013[as amended to] | Income Taxes – Changes in the Tax Status of an Entity or its Shareholders | (beginning)1 January 2014 | SIC-25 |\n| 125June 2009[as amended to] | Income Taxes – Changes in the Tax Status of an Entity or its Shareholders | (beginning)1 January 2009 | SIC-25 |\n| 127December 2013[as amended to] | Evaluating the Substance of Transactions Involving the Legal Form of a Lease | (beginning)1 January 2017 | SIC-27 |\n| 127December 2013[as amended to] | Evaluating the Substance of Transactions Involving the Legal Form of a Lease | (beginning)1 January 2014 | SIC-27 |\n| 127December 2013[as amended to] | Evaluating the Substance of Transactions Involving the Legal Form of a Lease | (ending)20 December 2013 | SIC-27 |\n| 127September 2012[as amended to] | Evaluating the Substance of Transactions Involving the Legal Form of a Lease | (beginning)1 July 2013 | SIC-27 |\n| 127October 2010[as amended to] | Evaluating the Substance of Transactions Involving the Legal Form of a Lease | (beginning)1 January 2011 | SIC-27 |\n| 129December 2013[as amended to] | Service Concession Arrangements: Disclosures | (beginning)1 January 2014 | SIC-29 |\n| 129December 2013[as amended to] | Service Concession Arrangements: Disclosures | (ending)20 December 2013 | SIC-29 |\n| 129June 2010[as amended to] | Service Concession Arrangements: Disclosures | (beginning)1 July 2013 | SIC-29 |\n| 129June 2009[as amended to] | Service Concession Arrangements: Disclosures | (beginning)1 January 2009 | SIC-29 |\n| 131December 2013[as amended to] | Revenue – Barter Transactions Involving Advertising Services | (beginning)1 January 2014 | SIC-31 |\n| 131December 2013[as amended to] | Revenue – Barter Transactions Involving Advertising Services | (ending)20 December 2013 | SIC-31 |\n| 131September 2012[as amended to] | Revenue – Barter Transactions Involving Advertising Services | (beginning)1 January 2013 | SIC-31 |\n| 131September 2007[as amended to] | Revenue – Barter Transactions Involving Advertising Services | (beginning)1 January 2009 | SIC-31 |\n| 132December 2013[as amended to] | Intangible Assets – Web Site Costs | (beginning)1 January 2014 | SIC-32 |\n| 132December 2013[as amended to] | Intangible Assets – Web Site Costs | (ending)20 December 2013 | SIC-32 |\n| 132September 2012[as amended to] | Intangible Assets – Web Site Costs | (beginning)1 January 2013 | SIC-32 |\n| 132October 2010[as amended to] | Intangible Assets – Web Site Costs | (beginning)1 January 2011 | SIC-32 |\n\n9 The principal 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\n10 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)

1003

December 2013

[as amended to]

Australian Petroleum Resource Rent Tax

(beginning)

1 January 2014

1003

November 2007

Australian Petroleum Resource Rent Tax

(ending)

30 June 2008

1019

December 2013

[as amended to]

The Superannuation Contributions Surcharge

(beginning)

1 January 2014

1019

December 2013

[as amended to]

The Superannuation Contributions Surcharge

(ending)

20 December 2013

1019

December 2007

[as amended to]

The Superannuation Contributions Surcharge

(beginning)

1 January 2009

1030

December 2013

[as amended to]

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

(beginning)

1 January 2014

1030

September 2007

[as amended to]

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

(beginning)

1 January 2009

1031

December 2013

[as amended to]

Accounting for the Goods and Services Tax (GST)

(beginning)

1 January 2014

1031

December 2013

[as amended to]

Accounting for the Goods and Services Tax (GST)

(ending)

20 December 2013

1031

December 2007

[as amended to]

Accounting for the Goods and Services Tax (GST)

(beginning)

1 January 2009

1038

December 2013

[as amended to]

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(beginning)

1 January 2014

1038

December 2013

[as amended to]

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(ending)

20 December 2013

1038

December 2007

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(beginning)

1 July 2008

1039

December 2009

[as amended to]

Substantive Enactment of Major Tax Bills in Australia

(beginning)

1 January 2011 but before 1 January 2013[2]

1042

December 2013

[as amended to]

Subscriber Acquisition Costs in the Telecommunications Industry

(beginning)

1 January 2014

1042

October 2010

[as amended to]

Subscriber Acquisition Costs in the Telecommunications Industry

(beginning)

1 January 2011

1047

December 2013

[as amended to]

Professional Indemnity Claims Liabilities in Medical Defence Organisations

(beginning)

1 January 2014

1047

December 2007

[as amended to]

Professional Indemnity Claims Liabilities in Medical Defence Organisations

(beginning)

1 January 2009

1052

December 2013

[as amended to]

Tax Consolidation Accounting

(beginning)

1 January 2014

1052

December 2013

[as amended to]

Tax Consolidation Accounting

(ending)

20 December 2013

1052

June 2010

[as amended to]

Tax Consolidation Accounting

(beginning)

1 July 2013

1052

December 2009

[as amended to]

Tax Consolidation Accounting

(beginning)

1 January 2011

1055

December 2013

[as amended to]

Accounting for Road Earthworks

(beginning)

1 January 2014

1055

December 2007

[as amended to]

Accounting for Road Earthworks

(beginning)

1 January 2009

\n```\n\n11 The principal 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.\n\n## Conceptual Framework\n\n12 Each reference to the Framework for the Preparation and Presentation of Financial Statements (or Framework) in other Australian Accounting Standards (including Interpretations) is taken to be a reference to the relevant pronouncement listed in Table 3 below. Each row in Table 3 is to be treated as a separate provision of this Standard.\n\n```html\n
Table 3: Australian Conceptual Framework pronouncements

Issue Date

Title

Application Date (annual reporting periods)

December 2013

[as amended to]

Framework for the Preparation and Presentation of Financial Statements (or Framework)

(ending)

20 December 2013

December 2007

[as amended to]

Framework for the Preparation and Presentation of Financial Statements (or Framework)

(beginning)

1 January 2009

\n```\n\n13 This Standard updates references to the Framework in Australian Accounting Standards (including Interpretations) to the relevant amended version of the Framework. The principal application date listed in each row of Table 3 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 amended version of the pronouncement to annual reporting periods in advance of that stated in Table 3, subject to any early application paragraphs. However, none of the versions are applicable to annual reporting periods beginning before 1 January 2005.","sortOrder":22},{"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":23},{"sectionNumber":"Other Australian Interpretations","sectionType":"division","heading":"Other Australian Interpretations","content":"### Other Australian Interpretations\n\n10 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)

1003

December 2013

[as amended to]

Australian Petroleum Resource Rent Tax

(beginning)

1 January 2014

1003

November 2007

Australian Petroleum Resource Rent Tax

(ending)

30 June 2008

1019

December 2013

[as amended to]

The Superannuation Contributions Surcharge

(beginning)

1 January 2014

1019

December 2013

[as amended to]

The Superannuation Contributions Surcharge

(ending)

20 December 2013

1019

December 2007

[as amended to]

The Superannuation Contributions Surcharge

(beginning)

1 January 2009

1030

December 2013

[as amended to]

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

(beginning)

1 January 2014

1030

September 2007

[as amended to]

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

(beginning)

1 January 2009

1031

December 2013

[as amended to]

Accounting for the Goods and Services Tax (GST)

(beginning)

1 January 2014

1031

December 2013

[as amended to]

Accounting for the Goods and Services Tax (GST)

(ending)

20 December 2013

1031

December 2007

[as amended to]

Accounting for the Goods and Services Tax (GST)

(beginning)

1 January 2009

1038

December 2013

[as amended to]

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(beginning)

1 January 2014

1038

December 2013

[as amended to]

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(ending)

20 December 2013

1038

December 2007

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(beginning)

1 July 2008

1039

December 2009

[as amended to]

Substantive Enactment of Major Tax Bills in Australia

(beginning)

1 January 2011 but before 1 January 2013[2]

1042

December 2013

[as amended to]

Subscriber Acquisition Costs in the Telecommunications Industry

(beginning)

1 January 2014

1042

October 2010

[as amended to]

Subscriber Acquisition Costs in the Telecommunications Industry

(beginning)

1 January 2011

1047

December 2013

[as amended to]

Professional Indemnity Claims Liabilities in Medical Defence Organisations

(beginning)

1 January 2014

1047

December 2007

[as amended to]

Professional Indemnity Claims Liabilities in Medical Defence Organisations

(beginning)

1 January 2009

1052

December 2013

[as amended to]

Tax Consolidation Accounting

(beginning)

1 January 2014

1052

December 2013

[as amended to]

Tax Consolidation Accounting

(ending)

20 December 2013

1052

June 2010

[as amended to]

Tax Consolidation Accounting

(beginning)

1 July 2013

1052

December 2009

[as amended to]

Tax Consolidation Accounting

(beginning)

1 January 2011

1055

December 2013

[as amended to]

Accounting for Road Earthworks

(beginning)

1 January 2014

1055

December 2007

[as amended to]

Accounting for Road Earthworks

(beginning)

1 January 2009

\n```\n\n11 The principal 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.\n\n## Conceptual Framework\n\n12 Each reference to the Framework for the Preparation and Presentation of Financial Statements (or Framework) in other Australian Accounting Standards (including Interpretations) is taken to be a reference to the relevant pronouncement listed in Table 3 below. Each row in Table 3 is to be treated as a separate provision of this Standard.\n\n```html\n
Table 3: Australian Conceptual Framework pronouncements

Issue Date

Title

Application Date (annual reporting periods)

December 2013

[as amended to]

Framework for the Preparation and Presentation of Financial Statements (or Framework)

(ending)

20 December 2013

December 2007

[as amended to]

Framework for the Preparation and Presentation of Financial Statements (or Framework)

(beginning)

1 January 2009

\n```\n\n13 This Standard updates references to the Framework in Australian Accounting Standards (including Interpretations) to the relevant amended version of the Framework. The principal application date listed in each row of Table 3 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 amended version of the pronouncement to annual reporting periods in advance of that stated in Table 3, subject to any early application paragraphs. However, none of the versions are applicable to annual reporting periods beginning before 1 January 2005.","sortOrder":24},{"sectionNumber":"Table 2: Other Australian Interpretation","sectionType":"section","heading":"Table 2: Other Australian Interpretations","content":"##### Table 2: Other Australian Interpretations","sortOrder":25},{"sectionNumber":"Conceptual Framework","sectionType":"part","heading":"Conceptual Framework","content":"## Conceptual Framework\n\n12 Each reference to the Framework for the Preparation and Presentation of Financial Statements (or Framework) in other Australian Accounting Standards (including Interpretations) is taken to be a reference to the relevant pronouncement listed in Table 3 below. Each row in Table 3 is to be treated as a separate provision of this Standard.\n\n```html\n
Table 3: Australian Conceptual Framework pronouncements

Issue Date

Title

Application Date (annual reporting periods)

December 2013

[as amended to]

Framework for the Preparation and Presentation of Financial Statements (or Framework)

(ending)

20 December 2013

December 2007

[as amended to]

Framework for the Preparation and Presentation of Financial Statements (or Framework)

(beginning)

1 January 2009

\n```\n\n13 This Standard updates references to the Framework in Australian Accounting Standards (including Interpretations) to the relevant amended version of the Framework. The principal application date listed in each row of Table 3 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 amended version of the pronouncement to annual reporting periods in advance of that stated in Table 3, subject to any early application paragraphs. However, none of the versions are applicable to annual reporting periods beginning before 1 January 2005.","sortOrder":26},{"sectionNumber":"Table 3: Australian Conceptual Framework","sectionType":"section","heading":"Table 3: Australian Conceptual Framework pronouncements","content":"##### Table 3: Australian Conceptual Framework pronouncements","sortOrder":27}],"analysis":{"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"This version updates and narrows the scope of listed Interpretations relative to the prior (June 2012) version: it removes versions no longer applicable, adds an Interpretation incorporating IFRIC 21 (Levies) and other amended versions, and updates references to the Framework (see 'Changes from AASB 1048' and Main Features). It supersedes the earlier version and sets new principal application dates (paras cited: Main Features; Changes from AASB 1048; paras 3–5; Tables 1–3)."},"complexity_factors":["Service‑standard mechanism: preserves Australian Interpretations as 'external documents' and uses an ambulatory reference to this Standard to update stationary external references (Need for a Service Standard section) — raises legal/reference complexity.","Multiple cross‑references and tables (Tables 1–3) listing many Interpretations with varying issue dates and staggered application dates (paras 6–13 and Tables 1–3) — increases operational complexity for preparers.","Differential reporting tiers (Tier 1 vs Tier 2) and link to IFRSs: consequences differ by reporter type (Preface, Introduction) — affects which entities must follow each entry.","Restrictions on early adoption and retrospective applicability (paras 3–5, 9, 11, 13) — creates timing and transition complexity.","Frequent reissuance expectation: AASB will reissue this Standard to keep lists up to date (Main Features) — ongoing compliance and monitoring burden.","Mixture of domestic‑only Interpretations and those incorporating IASB Interpretations (paras 6–10) — requires judgement whether an Interpretation is necessary to claim IFRS compliance."],"plain_english_summary":"AASB 1048 is an administrative Accounting Standard that lists all Australian Interpretations and prescribes how other Australian Accounting Standards should refer to those Interpretations and to the Conceptual Framework. It requires entities preparing general purpose financial statements (including those under the Corporations Act and Tier 1 reporters) to apply the relevant Interpretations and sets principal application dates. It matters because applying the listed Interpretations (where they correspond to IASB Interpretations) is required to claim explicit, unreserved compliance with IFRSs."},"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":1948},"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This December 2013 version updates the previous June 2012 edition to add new interpretations (e.g., Interpretation 21 on Levies), remove superseded ones (e.g., Interpretation 121), and refresh references to the Conceptual Framework. However, the core scope remains unchanged: it continues to function as the service Standard for maintaining an authoritative list of Australian Interpretations."},"complexity_factors":["\"Service Standard\" legal mechanism requiring understanding of ambulatory vs stationary references under the Acts Interpretation Act 1901","Three separate tables (Table 1, Table 2, Table 3) with multiple version entries for the same interpretation covering different applicability periods","Cross-referencing between Australian Standards, International Financial Reporting Standards (IFRS), and the Australian Conceptual Framework","Distinction between Tier 1 (full IFRS-compliant) and Tier 2 (reduced disclosure) reporting requirements","Multiple defined terms including \"external documents,\" \"delegated legislation,\" and \"UIG Interpretations\""],"plain_english_summary":"This Standard is essentially the official directory of Australian Interpretations—an indexed list of the interpretations entities must follow when preparing financial reports. It groups interpretations that match IFRS and those that are uniquely Australian, and updates references to the Framework.\n\nIt matters because, by serving as the single referenced document, it fixes a legal technicality that prevented other standards from automatically pointing to interpretations. That ensures entities preparing general purpose financial statements use the correct, current guidance."}},"importantCases":[],"_links":{"self":"/api/acts/aasb-1048-interpretation-of-standards-december-2013","history":"/api/acts/aasb-1048-interpretation-of-standards-december-2013/history","analysis":"/api/acts/aasb-1048-interpretation-of-standards-december-2013/analysis","conflicts":"/api/acts/aasb-1048-interpretation-of-standards-december-2013/conflicts","importantCases":"/api/acts/aasb-1048-interpretation-of-standards-december-2013/important-cases","documents":"/api/acts/aasb-1048-interpretation-of-standards-december-2013/documents"}}