CONTENTS

Preface

Comparison With International Pronouncements

Accounting Standard

AASB 1048 Interpretation and Application of Standards

Paragraphs

Objective 1

Application 2 – 6

Scope 7 – 8

Australian Interpretations corresponding to IASB Interpretations 9 – 10

Other Australian Interpretations 11 – 12

Australian Accounting Standard AASB 1048 Interpretation and Application of Standards is set out in paragraphs 1 – 12. All the paragraphs have equal authority. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.