AASB 1048 - Interpretation and Application of Standards - December 2004
Main RequirementsMain Requirements
Start here
Get a plain-English read of Main Requirements
Turn the raw legal text into a practical explanation grounded in AASB 1048 - Interpretation and Application of Standards - December 2004.
Main Requirements
This Standard identifies the UIG Interpretations and classifies them into two groups: those that correspond to each IASB Interpretation and those that do not.
In respect of the first group (Table 1), it is necessary for those UIG Interpretations, where relevant, to be applied in order for an entity to be able to make an explicit and unreserved statement of compliance with International Financial Reporting Standards (IFRSs). The IASB defines IFRSs to include the IFRIC and SIC Interpretations.
In the second group (Table 2), this Standard lists the other UIG Interpretations, that do not correspond to the IASB Interpretations, to assist financial report preparers and users to identify the other authoritative pronouncements necessary for compliance in the Australian context.
The Standard will be re-issued when necessary to keep the Tables up to date.