AASB 1048 - Interpretation and Application of Standards - December 2005
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Application
2 This Standard applies to:
(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act;
(b) general purpose financial reports of each reporting entity; and
(c) financial reports that are, or are held out to be, general purpose financial reports.
3 This Standard applies to annual reporting periods ending on or after 31 December 2005.
4 This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 that end before 31 December 2005. An entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act may apply this Standard to such annual reporting periods when an election has been made in accordance with subsection 334(5) of the Corporations Act.
5 When applied or operative, this Standard supersedes AASB 1048 Interpretation and Application of Standards as issued in September 2005.
6 The requirements specified in this Standard apply to the financial report where information resulting from their application is material in accordance with AASB 1031 Materiality.