{"id":"F2018L00069","name":"Accounting Standard AASB 1048 Interpretation of Standards (December 2017)","slug":"accounting-standard-aasb-1048-interpretation-of-standards-december-2017","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":96706,"registerId":"commonwealth-F2018L00069-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"2","sectionType":"section","heading":"This Standard applies to annual reporting periods ending on or after 31 December 2017.","content":" 2 This Standard applies to annual reporting periods ending on or after 31 December 2017.\n","sortOrder":0},{"sectionNumber":"3","sectionType":"section","heading":"This Standard may be applied to annual reporting periods that end before 31 December 2017.","content":" 3 This Standard may be applied to annual reporting periods that end before 31 December 2017.\n\nInterpretations\n\n 4 This Standard refers to all Australian Interpretations currently approved by the AASB and applicable to any period[\\[1\\]](#_ftn1) specified in paragraph 2 (by either mandatory or early application), classified according to whether they correspond to Interpretations adopted by the International Accounting Standards Board (IASB).\n 5 For ease of presentation, the Australian Interpretations are set out in two separate tables: in paragraph 6, Table 1 lists those corresponding to IASB Interpretations and, in paragraph 8, 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.\n\nAustralian Interpretations corresponding to IASB Interpretations\n\n","sortOrder":1},{"sectionNumber":"6","sectionType":"section","heading":"An entity shall apply each relevant Australian Interpretation listed in Table 1 below.","content":" 6 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

February 2016

[as amended to]

Changes in Existing Decommissioning, Restoration and Similar Liabilities

(beginning)

1 January 2019

IFRIC 1

1

July 2015

Changes in Existing Decommissioning, Restoration and Similar Liabilities

(beginning)

1 January 2016

IFRIC 1

2

July 2015

Members’ Shares in Co-operative Entities and Similar Instruments

(beginning)

1 January 2018

IFRIC 2

2

December 2014

[as amended to]

Members’ Shares in Co-operative Entities and Similar Instruments

(beginning)

1 January 2018

IFRIC 2

2

June 2014

[as amended to]

Members’ Shares in Co-operative Entities and Similar Instruments

(beginning)

1 January 2018

IFRIC 2

2

December 2013

[as amended to]

Members’ Shares in Co-operative Entities and Similar Instruments

(beginning)

1 January 2014

IFRIC 2

4

August 2015

Determining whether an Arrangement contains a Lease

(beginning)

1 January 2016

IFRIC 4

5

August 2015

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

(beginning)

1 January 2018

IFRIC 5

5

December 2014

[as amended to]

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

(beginning)

1 January 2018

IFRIC 5

5

June 2014

[as amended to]

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

(beginning)

1 January 2018

IFRIC 5

5

December 2013

[as amended to]

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

(beginning)

1 January 2014

IFRIC 5

6

August 2015

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

(beginning)

1 January 2016

IFRIC 6

7

August 2015

Applying the Restatement Approach under AASB 129 Financial Reporting in Hyperinflationary Economies

(beginning)

1 January 2016

IFRIC 7

9

December 2013

[as amended to]

Reassessment of Embedded Derivatives

(beginning)

1 January 2014

IFRIC 9

10

August 2015

Interim Financial Reporting and Impairment

(beginning)

1 January 2018

IFRIC 10

10

December 2014

[as amended to]

Interim Financial Reporting and Impairment

(beginning)

1 January 2018

IFRIC 10

10

June 2014

[as amended to]

Interim Financial Reporting and Impairment

(beginning)

1 January 2018

IFRIC 10

10

December 2013

[as amended to]

Interim Financial Reporting and Impairment

(beginning)

1 January 2014

IFRIC 10

12
December 2017

[as amended to]

Service Concession Arrangements

(beginning)

1 January 2019

IFRIC 12

12

February 2016

[as amended to]

Service Concession Arrangements

(beginning)

1 January 2019

IFRIC 12

12
December 2017

[as amended to]

Service Concession Arrangements

(beginning)

1 January 2018

IFRIC 12

12

February 2016

[as amended to]

Service Concession Arrangements

(beginning)

1 January 2019

IFRIC 12

12

December 2016

[as amended to]

Service Concession Arrangements

(beginning)

1 January 2018

IFRIC 12

12

October 2015

[as amended to]

Service Concession Arrangements

(beginning)

1 January 2018

IFRIC 12

12

August 2015

Service Concession Arrangements

(beginning)

1 January 2018

IFRIC 12

12

December 2014

[as amended to]

Service Concession Arrangements

(beginning)

1 January 2018

IFRIC 12

12

June 2014

[as amended to]

Service Concession Arrangements

(beginning)

1 January 2018

IFRIC 12

12

December 2013

[as amended to]

Service Concession Arrangements

(beginning)

1 January 2014

IFRIC 12

13

December 2013

[as amended to]

Customer Loyalty Programmes

(beginning)

1 January 2014

IFRIC 13

14

August 2015

AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction

(beginning)

1 January 2016

IFRIC 14

15

December 2013

[as amended to]

Agreements for the Construction of Real Estate

(beginning)

1 January 2014

IFRIC 15

16

August 2015

Hedges of a Net Investment in a Foreign Operation

(beginning)

1 January 2018

IFRIC 16

16

December 2014

[as amended to]

Hedges of a Net Investment in a Foreign Operation

(beginning)

1 January 2018

IFRIC 16

16

June 2014

[as amended to]

Hedges of a Net Investment in a Foreign Operation

(beginning)

1 January 2018

IFRIC 16

16

December 2013

[as amended to]

Hedges of a Net Investment in a Foreign Operation

(beginning)

1 January 2014

IFRIC 16

17

August 2015

Distributions of Non-cash Assets to Owners

(beginning)

1 January 2016

IFRIC 17

18

December 2013

[as amended to]

Transfers of Assets from Customers

(beginning)

1 January 2014

IFRIC 18

19

August 2015

Extinguishing Financial Liabilities with Equity Instruments

(beginning)

1 January 2018

IFRIC 19

19

December 2014

[as amended to]

Extinguishing Financial Liabilities with Equity Instruments

(beginning)

1 January 2018

IFRIC 19

19

June 2014

[as amended to]

Extinguishing Financial Liabilities with Equity Instruments

(beginning)

1 January 2018

IFRIC 19

19

December 2013

[as amended to]

Extinguishing Financial Liabilities with Equity Instruments

(beginning)

1 January 2014

IFRIC 19

20

August 2015

Stripping Costs in the Production Phase of a Surface Mine

(beginning)

1 January 2016

IFRIC 20

21

August 2015

Levies

(beginning)

1 January 2016

IFRIC 21

22

February 2017

Foreign Currency Transactions and Advance Consideration

(beginning)

1 January 2018

IFRIC 22

23

July 2017

Uncertainty over Income Tax Treatments

(beginning)

1 January 2019

IFRIC 23

107

August 2015

Introduction of the Euro

(beginning)

1 January 2018

SIC-7

107

June 2014

[as amended to]

Introduction of the Euro

(beginning)

1 January 2018

SIC-7

107

December 2013

[as amended to]

Introduction of the Euro

(beginning)

1 January 2014

SIC-7

110

August 2015

Government Assistance – No Specific Relation to Operating Activities

(beginning)

1 January 2016

SIC-10

115

August 2015

Operating Leases – Incentives

(beginning)

1 January 2016

SIC-15

125

August 2015

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

(beginning)

1 January 2016

SIC-25

127

July 2017

[as amended to]

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

(beginning)

1 January 2021

SIC-27

127

December 2016

[as amended to]

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

(beginning)

1 January 2018

SIC-27

127

October 2015

[as amended to]

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

(beginning)

1 January 2018

SIC-27

127

August 2015

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

(beginning)

1 January 2018

SIC-27

127

December 2014

[as amended to]

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

(beginning)

1 January 2018

SIC-27

127

December 2013

[as amended to]

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

(beginning)

1 January 2014

SIC-27

129

July 2017

[as amended to]

Service Concession Arrangements: Disclosures

(beginning)

1 January 2019

SIC-29

129

February 2016

[as amended to]

Service Concession Arrangements: Disclosures

(beginning)

1 January 2019

SIC-29

129

August 2015

Service Concession Arrangements: Disclosures

(beginning)

1 January 2016

SIC-29

131

December 2013

[as amended to]

Revenue – Barter Transactions Involving Advertising Services

(beginning)

1 January 2014

SIC-31

132

February 2016

[as amended to]

Intangible Assets – Web Site Costs

(beginning)

1 January 2019

SIC-32

132

December 2016

[as amended to]

Intangible Assets – Web Site Costs

(beginning)

1 January 2018

SIC-32

132

October 2015

[as amended to]

Intangible Assets – Web Site Costs

(beginning)

1 January 2018

SIC-32

132

December 2013

[as amended to]

Intangible Assets – Web Site Costs

(beginning)

1 January 2014

SIC-32

\n```\n\n 7 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.\n\nOther Australian Interpretations\n\n","sortOrder":2},{"sectionNumber":"8","sectionType":"section","heading":"An entity shall apply each relevant Australian Interpretation listed in Table 2 below.","content":" 8 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

1019

December 2013

[as amended to]

The Superannuation Contributions Surcharge

(beginning)

1 January 2014

1030

December 2013

[as amended to]

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

(beginning)

1 January 2014

1031

December 2016

[as amended to]

Accounting for the Goods and Services Tax (GST)

(beginning)

1 January 2018

1031

October 2015

[as amended to]

Accounting for the Goods and Services Tax (GST)

(beginning)

1 January 2018

1031

December 2013

[as amended to]

Accounting for the Goods and Services Tax (GST)

(beginning)

1 January 2014

1038

December 2016

[as amended to]

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(beginning)

1 January 2019

1038

December 2016

[as amended to]

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(beginning)

1 January 2018

1038

October 2015

[as amended to]

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(beginning)

1 January 2018

1038

December 2013

[as amended to]

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(beginning)

1 January 2014

1042

December 2013

[as amended to]

Subscriber Acquisition Costs in the Telecommunications Industry

(beginning)

1 January 2014

1047

July 2017

[as amended to]

Professional Indemnity Claims Liabilities in Medical Defence Organisations

(beginning)

1 January 2021

1047

December 2013

[as amended to]

Professional Indemnity Claims Liabilities in Medical Defence Organisations

(beginning)

1 January 2014

1052

December 2016

[as amended to]

Tax Consolidation Accounting

(beginning)

1 January 2018

1052

October 2015

[as amended to]

Tax Consolidation Accounting

(beginning)

1 January 2018

1052

December 2013

[as amended to]

Tax Consolidation Accounting

(beginning)

1 January 2014

1055

December 2013

[as amended to]

Accounting for Road Earthworks

(beginning)

1 January 2014

\n```\n\n 9 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.\n\nConceptual framework\n\n 10 Each reference to the Conceptual Framework for Financial Reporting (or Conceptual 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)

[Month 2019]

Conceptual Framework for Financial Reporting (or Conceptual Framework)

Note – this pronouncement is applicable only to for-profit private sector entities that have public accountability and are required by legislation to comply with Australian Accounting Standards and other for-profit entities that elect to apply this Framework

(beginning)

1 January 2020

\n```\n\n AusCF10 Notwithstanding paragraph 10, in respect of AusCF entities, 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)

June 2014

[as amended to]

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

(beginning)

1 July 2014

\n```\n\n 11 This Standard updates references to the Conceptual Framework in Australian Accounting Standards (including Interpretations) to the relevant amended version of the Conceptual 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.\n AusCF11 Notwithstanding paragraph 11, in respect of AusCF entities, 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.\n\nCommencement of the legislative instrument\n\n","sortOrder":3},{"sectionNumber":"12","sectionType":"section","heading":"For legal purposes, this legislative instrument commences on 30 December 2017.","content":" 12 For legal purposes, this legislative instrument commences on 30 December 2017.\n\nWithdrawal of AASB pronouncements\n\n 13 This Standard repeals AASB 1048 Interpretation of Standards issued in August 2015. Despite the repeal, after the time this Standard starts to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal had not occurred.\n\n\\[Note: When this Standard applies under section 334 of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standard.\\]\n\nCompilation details \nAccounting Standard AASB 1048 Interpretation of Standards (as amended)\n\nCompilation details are not part of AASB 1048.\n\nThis compiled Standard applies to annual periods beginning on or after 1 January 2020. It takes into account amendments up to and including 21 May 2019 and was prepared on 2 March 2020 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 (December 2017) as amended by other Accounting Standards, which are listed in the Table below.\n\nTable of Standards\n\n| Standard | Date made | FRL identifier | Commence-ment date | Effective date(annual periods… on or after …) | Application, saving or transitional provisions |\n| ----------- | ----------- | -------------- | ------------------ | --------------------------------------------- | ---------------------------------------------- |\n| AASB 1048 | 12 Dec 2017 | F2018L00069 | 30 Dec 2017 | (ending) 31 Dec 2017 | see (a) below |\n| AASB 2019-1 | 21 May 2019 | F2019L00966 | 31 Dec 2019 | (beginning) 1 Jan 2020 | see (b) below |\n\n(a) Entities may elect to apply this Standard to periods that end before 31 December 2017.\n\n(b) Entities may elect to apply this Standard to annual periods beginning before 1 January 2020.\n\nTable of amendments\n\n| Paragraph affected | How affected | By … [paragraph/page] |\n| ------------------ | ------------ | --------------------- |\n| 1 | amended | AASB 2019-1 [page 25] |\n| AusCF1 | added | AASB 2019-1 [page 26] |\n| 10 | amended | AASB 2019-1 [page 26] |\n| AusCF10 | added | AASB 2019-1 [page 26] |\n| 11 | amended | AASB 2019-1 [page 26] |\n| AusCF11 | added | AASB 2019-1 [page 26] |\n\n---\n\n[\\[1\\]](#_ftnref1) Periods no longer than 18 months.","sortOrder":4}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":2844},"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The Standard functions as intended as a service standard to maintain authoritative lists of Interpretations and Conceptual Framework references. It has not expanded beyond its original purpose of solving the statutory referencing problem and providing a directory mechanism."},"complexity_factors":["\"Service standard\" legal architecture requiring understanding of ambulatory vs stationary statutory references under the Acts Interpretation Act 1901","Dual tracking of Conceptual Framework versions (for-profit entities vs AusCF entities)","Distinction between IFRS-corresponding interpretations (Table 1) and Australia-specific interpretations (Table 2)","Interaction with tiered reporting framework (Tier 1 vs Tier 2)","Extensive cross-referencing tables incorporating multiple versions of interpretations with different application dates"],"plain_english_summary":"This Standard is a central directory of Australian Accounting Interpretations — it tells you which interpretation versions are current and, by acting as a legal middleman, keeps references in other Accounting Standards automatically up to date so they don’t become stuck to superseded texts.\n\nAny entity preparing financial reports under Australian Accounting Standards is affected. The Standard preserves alignment with international guidance where required, clarifies which local interpretations apply, and prevents outdated cross-references from undermining consistent reporting."},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":false,"description":"The Standard does not materially expand or narrow the population required to apply Australian Accounting Standards. It preserves prior substantive scope while clarifying reference mechanics: it lists Interpretations, identifies which are required for IFRS compliance, updates framework references, repeals the earlier AASB 1048 and provides transitional saving (paras 1–13 and Compilation Details). The change is procedural and clarificatory rather than a change to who must report."},"complexity_factors":["Extensive tabular listing of many Australian Interpretations with varying issue and application dates (Tables 1–3)","Distinction between Interpretations that correspond to IASB interpretations and other Australian Interpretations (affects IFRS compliance)","Legal-status nuance: Interpretations and the Framework treated as ‘external documents’ (stationary references) while this Standard provides ambulatory references","AusCF carve-out: separate application rules for AusCF entities versus entities applying the Conceptual Framework","Multiple effective dates, early-application options and transitional/repeal provisions (commencement and saving clauses)","Cross-references to several other AASB Standards (AASB 1053, AASB 108, AASB 1057) increasing interpretive links","Reissue mechanism (service Standard approach) creates ongoing dependency on administrative updates rather than single substantive change"],"plain_english_summary":"Mechanically, this Standard compiles and lists all Australian Interpretations, says which must be applied for IFRS compliance, and updates which conceptual-framework pronouncement other Standards must refer to. It also replaces the prior AASB 1048 and preserves the Interpretations’ status as external documents while using this Standard as the ambulatory reference.\n\nIt affects entities that must prepare general-purpose financial statements (Corporations Act reporters, governments, and other reporting entities), because it clarifies which Interpretations and framework version they must follow to state compliance and reduces ambiguity about reference timing."}},"importantCases":[],"_links":{"self":"/api/acts/accounting-standard-aasb-1048-interpretation-of-standards-december-2017","history":"/api/acts/accounting-standard-aasb-1048-interpretation-of-standards-december-2017/history","analysis":"/api/acts/accounting-standard-aasb-1048-interpretation-of-standards-december-2017/analysis","conflicts":"/api/acts/accounting-standard-aasb-1048-interpretation-of-standards-december-2017/conflicts","importantCases":"/api/acts/accounting-standard-aasb-1048-interpretation-of-standards-december-2017/important-cases","documents":"/api/acts/accounting-standard-aasb-1048-interpretation-of-standards-december-2017/documents"}}