AASB 1048 - Interpretation and Application of Standards - March 2009
Reasons for Issuing AASB 1048Reasons for Issuing AASB 1048
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Reasons for Issuing AASB 1048
Australian Accounting Standards that apply to annual reporting periods beginning on or after 1 January 2005 include International Financial Reporting Standards (IFRSs). IFRSs comprise Accounting Standards and Interpretations. IFRSs are issued by the International Accounting Standards Board (IASB), and their adoption in Australia is in accordance with a strategic direction made by the Financial Reporting Council (FRC).
This Standard clarifies that all Australian Interpretations have the same authoritative status. Those that are equivalent to 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.