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COPYRIGHT

© Commonwealth of Australia 2013

This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission. Requests and enquiries concerning reproduction and rights should be addressed to The Director of Finance and Administration, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

ISSN 1036-4803

CONTENTS

Preface

Comparison with International Pronouncements

Accounting Standard

AASB 1048 Interpretation of Standards

Paragraphs

Objective 1

Application 2 – 5

Interpretations 6 – 7

Australian Interpretations corresponding to IASB Interpretations 8 – 9

Other Australian Interpretations 10 – 11

Conceptual Framework 12 – 13

Australian Accounting Standard AASB 1048 Interpretation of Standards is set out in paragraphs 1 – 13. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. 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.

Preface

Introduction

The Australian Accounting Standards Board (AASB) makes Australian Accounting Standards, including Interpretations, to be applied by:

(a) entities required by the Corporations Act 2001 to prepare financial reports;

(b) governments in preparing financial statements for the whole of government and the General Government Sector (GGS); and

(c) entities in the private or public for-profit or not-for-profit sectors that are reporting entities or that prepare general purpose financial statements.

AASB 1053 Application of Tiers of Australian Accounting Standards establishes a differential reporting framework consisting of two tiers of reporting requirements for preparing general purpose financial statements:

(a) Tier 1: Australian Accounting Standards; and

(b) Tier 2: Australian Accounting Standards – Reduced Disclosure Requirements.

Tier 1 requirements incorporate International Financial Reporting Standards (IFRSs), including Interpretations, issued by the International Accounting Standards Board (IASB), with the addition of paragraphs on the applicability of each Standard in the Australian environment.

Publicly accountable for-profit private sector entities are required to adopt Tier 1 requirements, and therefore are required to comply with IFRSs. Furthermore, other for-profit private sector entities complying with Tier 1 requirements will simultaneously comply with IFRSs. Some other entities complying with Tier 1 requirements will also simultaneously comply with IFRSs.

Tier 2 requirements comprise the recognition, measurement and presentation requirements of Tier 1 but substantially reduced disclosure requirements in comparison with Tier 1.

Australian Accounting Standards also include requirements that are specific to Australian entities. These requirements may be located in Australian Accounting Standards that incorporate IFRSs or in other Australian Accounting Standards. In most instances, these requirements are either restricted to the not-for-profit or public sectors or include additional disclosures that address domestic, regulatory or other issues. These requirements do not prevent publicly accountable for-profit private sector entities from complying with IFRSs. In developing requirements for public sector entities, the AASB considers the requirements of International Public Sector Accounting Standards (IPSASs), as issued by the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants.

Reasons for Issuing AASB 1048

Australian Accounting Standards that apply to annual reporting periods beginning on or after 1 January 2005 incorporate IFRSs, which comprise Accounting Standards and Interpretations. The adoption of IFRSs 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 incorporate 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.

This Standard also updates references in other Standards to the Framework for the Preparation and Presentation of Financial Statements (July 2004) to subsequent versions.

Need for a Service Standard

Australian Interpretations

In the Australian context, Australian Interpretations do not have the same legal status as Standards (delegated legislation) and are treated as ‘external documents’ by the Acts Interpretation Act 1901 and the Legislative Instruments Act 2003. Although references in one Standard to a second Standard are ambulatory (automatically moving forward to refer to the most recently-issued version of the second Standard), references in a Standard to external documents are stationary (being fixed in time to refer to the contents of the external document when the Standard was issued). A simple reference to an Australian Interpretation in a Standard can refer only to the Interpretation that existed when the Standard was issued. It cannot refer to any revised version of the Interpretation that may exist at a later reporting date. However, a Standard can refer to a second Standard and, when the first Standard is applied at a later reporting date, the reference will be to the then-current version of the second Standard, even if it has been reissued since the first Standard was issued.

The service Standard approach, as applied to Australian Interpretations, involves issuing this Standard to list the Australian Interpretations, and referring to this Standard in every other Standard where necessary to refer to an Interpretation. This enables references to the Interpretations in all other Standards to be updated by reissuing the service Standard.

This approach preserves the status of Australian Interpretations as ‘external documents’ referred to in a Standard. It does not treat the Interpretations as delegated legislation or confer ambulatory status on the reference. In each Standard where there is a need to refer to an Australian Interpretation, the reference will be to this Standard, phrased as “Interpretation [number] [title] as identified in AASB 1048” (or similar). This reference, being to another Standard, is ambulatory and will refer to the version of this Standard that is in force from time to time. AASB 1048 itself will contain the direct references to the external documents and will be reissued periodically.

This approach to clarifying the status of Australian Interpretations ensures there is no difference between the status in the hierarchy accorded to Interpretations in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors compared with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.

Australian Conceptual Framework

In the Australian context, an Australian conceptual framework pronouncement, such as the Framework for the Preparation and Presentation of Financial Statements (Framework), also does not have the same legal status as a Standard (delegated legislation) and, like Interpretations, is treated as an ‘external document’ by the Acts Interpretation Act 1901 and the Legislative Instruments Act 2003.

The service Standard approach, as applied to the Australian conceptual framework, involves issuing this Standard to update references to the Framework in other Standards. This approach preserves the status of the Framework as an ‘external document’ referred to in a Standard. It does not treat the Framework as delegated legislation or confer ambulatory status on the reference.

Main Features of this Standard

This Standard (issued in December 2013) supersedes the previous version of AASB 1048, issued in June 2012 (as amended).

Application Date

This Standard is applicable to annual reporting periods ending on or after 20 December 2013 (see paragraph 3). To be consistent with the position for IFRSs as adopted in Australia, early adoption of this Standard is not permitted for annual reporting periods beginning before 1 January 2005. However, early adoption is otherwise permitted as specified in paragraph 4, subject to paragraphs 9, 11 and 13 of this Standard.

Main Requirements

This Standard identifies the Australian Interpretations and classifies them into two groups: those that correspond to an IASB Interpretation and those that do not. Entities are required to apply each relevant Australian Interpretation in preparing financial statements that are within the scope of the Standard.

In respect of the first group (Table 1), it is necessary for those Australian Interpretations, where relevant, to be applied in order for an entity to be able to make an explicit and unreserved statement of compliance with IFRSs. The IASB defines IFRSs to include the IFRIC and the SIC Interpretations.

In the second group (Table 2), this Standard lists the other Australian Interpretations, which do not correspond to the IASB Interpretations, to assist financial statement preparers and users to identify the other authoritative pronouncements necessary for compliance in the Australian context.

This Standard (see Table 3) also updates references to the Framework for the Preparation and Presentation of Financial Statements (July 2004) in other Standards to refer to an amended version of the Framework, as identified in this Standard.

The Standard will be reissued when necessary to keep the Tables up to date.

Changes from AASB 1048 (June 2012, as amended)

The main differences between the previous version of AASB 1048 and this version include:

(a) the removal from Tables 1 and 2 of the versions of Interpretations that do not apply to any of the reporting periods to which this Standard mandatorily applies (see paragraph 3). This includes the removal of Interpretation 121 Income Taxes – Recovery of Revalued Non-Depreciable Assets, which was superseded by AASB 112 Income Taxes for annual reporting periods beginning on or after 1 January 2012;

(b) the addition of one Interpretation incorporating an IFRIC Interpretation to Table 1, as set out in the following table:

<table cellspacing="0" cellpadding="0" style="width:395.6pt; border-collapse:collapse"><thead><tr><td colspan="4" style="width:300.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:top"><h4 id="navPoint_14" style="margin-bottom:3pt"><span>Principal Addition to Table 1</span></h4></td><td style="border-bottom:1.5pt double #000000; vertical-align:top"></td><td style="border-bottom:1.5pt double #000000; vertical-align:top"></td></tr><tr><td style="vertical-align:top"></td><td style="width:70.7pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt 1.4pt; vertical-align:top"><p><span style="font-weight:bold">Interpretation</span></p><p><span style="font-size:9pt; font-style:italic">Issue Date</span></p></td><td style="width:117.2pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt; vertical-align:top"><p><span style="font-weight:bold">Title</span></p></td><td colspan="2" style="width:117.05pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt; vertical-align:top"><p><span style="font-weight:bold">Application Date </span><span>(annual reporting periods)</span></p></td><td style="width:75.2pt; border-top:1.5pt double #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.4pt 0.65pt 1.02pt; vertical-align:top"><p><span style="font-weight:bold">IFRIC or SIC Interp’n</span></p></td></tr></thead><tbody><tr><td style="vertical-align:top"></td><td style="width:70.7pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p><span>2</span><span>1</span></p><p><span style="font-style:italic">December</span><span style="font-style:italic"> </span><span style="font-style:italic">2013</span></p><p><span>[as amended to]</span></p></td><td style="width:117.2pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p><span>Levies</span></p></td><td colspan="2" style="width:117.05pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p><span>(beginning)</span></p><p><span>1 January 201</span><span>4</span></p></td><td style="width:75.2pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p><span>IFRIC 2</span><span>1</span></p></td></tr></tbody><tbody><tr style="height:0pt"><td style="width:4.25pt"></td><td style="width:73.5pt"></td><td style="width:120pt"></td><td style="width:114.25pt"></td><td style="width:5.6pt"></td><td style="width:78pt"></td></tr></tbody></table>

(c) the addition of amended versions of Interpretations to Table 1 and Table 2, where applicable to any reporting period to which this Standard mandatorily applies. This reflects amended versions of Interpretations arising in relation to amendments to AASB 9 Financial Instruments and the Framework, the deferral of the consequential amendments for not-for-profit entities of AASB 10 Consolidated Financial Statements and related Standards, and the revised AASB 1031 Materiality issued in December 2013; and

(d) the addition of a section to update references to the Framework in other Standards to an amended version of the Framework.

Introduction

The Australian Accounting Standards Board (AASB) makes Australian Accounting Standards, including Interpretations, to be applied by:

(a) entities required by the Corporations Act 2001 to prepare financial reports;

(b) governments in preparing financial statements for the whole of government and the General Government Sector (GGS); and

(c) entities in the private or public for-profit or not-for-profit sectors that are reporting entities or that prepare general purpose financial statements.

AASB 1053 Application of Tiers of Australian Accounting Standards establishes a differential reporting framework consisting of two tiers of reporting requirements for preparing general purpose financial statements:

(a) Tier 1: Australian Accounting Standards; and

(b) Tier 2: Australian Accounting Standards – Reduced Disclosure Requirements.

Tier 1 requirements incorporate International Financial Reporting Standards (IFRSs), including Interpretations, issued by the International Accounting Standards Board (IASB), with the addition of paragraphs on the applicability of each Standard in the Australian environment.

Publicly accountable for-profit private sector entities are required to adopt Tier 1 requirements, and therefore are required to comply with IFRSs. Furthermore, other for-profit private sector entities complying with Tier 1 requirements will simultaneously comply with IFRSs. Some other entities complying with Tier 1 requirements will also simultaneously comply with IFRSs.

Tier 2 requirements comprise the recognition, measurement and presentation requirements of Tier 1 but substantially reduced disclosure requirements in comparison with Tier 1.

Australian Accounting Standards also include requirements that are specific to Australian entities. These requirements may be located in Australian Accounting Standards that incorporate IFRSs or in other Australian Accounting Standards. In most instances, these requirements are either restricted to the not-for-profit or public sectors or include additional disclosures that address domestic, regulatory or other issues. These requirements do not prevent publicly accountable for-profit private sector entities from complying with IFRSs. In developing requirements for public sector entities, the AASB considers the requirements of International Public Sector Accounting Standards (IPSASs), as issued by the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants.

Reasons for Issuing AASB 1048

Australian Accounting Standards that apply to annual reporting periods beginning on or after 1 January 2005 incorporate IFRSs, which comprise Accounting Standards and Interpretations. The adoption of IFRSs 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 incorporate 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.

This Standard also updates references in other Standards to the Framework for the Preparation and Presentation of Financial Statements (July 2004) to subsequent versions.

Preface

Introduction

The Australian Accounting Standards Board (AASB) makes Australian Accounting Standards, including Interpretations, to be applied by:

(a) entities required by the Corporations Act 2001 to prepare financial reports;

(b) governments in preparing financial statements for the whole of government and the General Government Sector (GGS); and

(c) entities in the private or public for-profit or not-for-profit sectors that are reporting entities or that prepare general purpose financial statements.

AASB 1053 Application of Tiers of Australian Accounting Standards establishes a differential reporting framework consisting of two tiers of reporting requirements for preparing general purpose financial statements:

(a) Tier 1: Australian Accounting Standards; and

(b) Tier 2: Australian Accounting Standards – Reduced Disclosure Requirements.

Tier 1 requirements incorporate International Financial Reporting Standards (IFRSs), including Interpretations, issued by the International Accounting Standards Board (IASB), with the addition of paragraphs on the applicability of each Standard in the Australian environment.

Publicly accountable for-profit private sector entities are required to adopt Tier 1 requirements, and therefore are required to comply with IFRSs. Furthermore, other for-profit private sector entities complying with Tier 1 requirements will simultaneously comply with IFRSs. Some other entities complying with Tier 1 requirements will also simultaneously comply with IFRSs.

Tier 2 requirements comprise the recognition, measurement and presentation requirements of Tier 1 but substantially reduced disclosure requirements in comparison with Tier 1.

Australian Accounting Standards also include requirements that are specific to Australian entities. These requirements may be located in Australian Accounting Standards that incorporate IFRSs or in other Australian Accounting Standards. In most instances, these requirements are either restricted to the not-for-profit or public sectors or include additional disclosures that address domestic, regulatory or other issues. These requirements do not prevent publicly accountable for-profit private sector entities from complying with IFRSs. In developing requirements for public sector entities, the AASB considers the requirements of International Public Sector Accounting Standards (IPSASs), as issued by the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants.

Reasons for Issuing AASB 1048

Australian Accounting Standards that apply to annual reporting periods beginning on or after 1 January 2005 incorporate IFRSs, which comprise Accounting Standards and Interpretations. The adoption of IFRSs 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 incorporate 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.

This Standard also updates references in other Standards to the Framework for the Preparation and Presentation of Financial Statements (July 2004) to subsequent versions.

Need for a Service Standard

Australian Interpretations

In the Australian context, Australian Interpretations do not have the same legal status as Standards (delegated legislation) and are treated as ‘external documents’ by the Acts Interpretation Act 1901 and the Legislative Instruments Act 2003. Although references in one Standard to a second Standard are ambulatory (automatically moving forward to refer to the most recently-issued version of the second Standard), references in a Standard to external documents are stationary (being fixed in time to refer to the contents of the external document when the Standard was issued). A simple reference to an Australian Interpretation in a Standard can refer only to the Interpretation that existed when the Standard was issued. It cannot refer to any revised version of the Interpretation that may exist at a later reporting date. However, a Standard can refer to a second Standard and, when the first Standard is applied at a later reporting date, the reference will be to the then-current version of the second Standard, even if it has been reissued since the first Standard was issued.

The service Standard approach, as applied to Australian Interpretations, involves issuing this Standard to list the Australian Interpretations, and referring to this Standard in every other Standard where necessary to refer to an Interpretation. This enables references to the Interpretations in all other Standards to be updated by reissuing the service Standard.

This approach preserves the status of Australian Interpretations as ‘external documents’ referred to in a Standard. It does not treat the Interpretations as delegated legislation or confer ambulatory status on the reference. In each Standard where there is a need to refer to an Australian Interpretation, the reference will be to this Standard, phrased as “Interpretation [number] [title] as identified in AASB 1048” (or similar). This reference, being to another Standard, is ambulatory and will refer to the version of this Standard that is in force from time to time. AASB 1048 itself will contain the direct references to the external documents and will be reissued periodically.

This approach to clarifying the status of Australian Interpretations ensures there is no difference between the status in the hierarchy accorded to Interpretations in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors compared with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.

Australian Conceptual Framework

In the Australian context, an Australian conceptual framework pronouncement, such as the Framework for the Preparation and Presentation of Financial Statements (Framework), also does not have the same legal status as a Standard (delegated legislation) and, like Interpretations, is treated as an ‘external document’ by the Acts Interpretation Act 1901 and the Legislative Instruments Act 2003.

The service Standard approach, as applied to the Australian conceptual framework, involves issuing this Standard to update references to the Framework in other Standards. This approach preserves the status of the Framework as an ‘external document’ referred to in a Standard. It does not treat the Framework as delegated legislation or confer ambulatory status on the reference.

Main Features of this Standard

This Standard (issued in December 2013) supersedes the previous version of AASB 1048, issued in June 2012 (as amended).

Application Date

This Standard is applicable to annual reporting periods ending on or after 20 December 2013 (see paragraph 3). To be consistent with the position for IFRSs as adopted in Australia, early adoption of this Standard is not permitted for annual reporting periods beginning before 1 January 2005. However, early adoption is otherwise permitted as specified in paragraph 4, subject to paragraphs 9, 11 and 13 of this Standard.

Main Requirements

This Standard identifies the Australian Interpretations and classifies them into two groups: those that correspond to an IASB Interpretation and those that do not. Entities are required to apply each relevant Australian Interpretation in preparing financial statements that are within the scope of the Standard.

In respect of the first group (Table 1), it is necessary for those Australian Interpretations, where relevant, to be applied in order for an entity to be able to make an explicit and unreserved statement of compliance with IFRSs. The IASB defines IFRSs to include the IFRIC and the SIC Interpretations.

In the second group (Table 2), this Standard lists the other Australian Interpretations, which do not correspond to the IASB Interpretations, to assist financial statement preparers and users to identify the other authoritative pronouncements necessary for compliance in the Australian context.

This Standard (see Table 3) also updates references to the Framework for the Preparation and Presentation of Financial Statements (July 2004) in other Standards to refer to an amended version of the Framework, as identified in this Standard.

The Standard will be reissued when necessary to keep the Tables up to date.

Changes from AASB 1048 (June 2012, as amended)

The main differences between the previous version of AASB 1048 and this version include:

(a) the removal from Tables 1 and 2 of the versions of Interpretations that do not apply to any of the reporting periods to which this Standard mandatorily applies (see paragraph 3). This includes the removal of Interpretation 121 Income Taxes – Recovery of Revalued Non-Depreciable Assets, which was superseded by AASB 112 Income Taxes for annual reporting periods beginning on or after 1 January 2012;

(b) the addition of one Interpretation incorporating an IFRIC Interpretation to Table 1, as set out in the following table:

<table cellspacing="0" cellpadding="0" style="width:395.6pt; border-collapse:collapse"><thead><tr><td colspan="4" style="width:300.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:top"><h4 id="navPoint_14" style="margin-bottom:3pt"><span>Principal Addition to Table 1</span></h4></td><td style="border-bottom:1.5pt double #000000; vertical-align:top"></td><td style="border-bottom:1.5pt double #000000; vertical-align:top"></td></tr><tr><td style="vertical-align:top"></td><td style="width:70.7pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt 1.4pt; vertical-align:top"><p><span style="font-weight:bold">Interpretation</span></p><p><span style="font-size:9pt; font-style:italic">Issue Date</span></p></td><td style="width:117.2pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt; vertical-align:top"><p><span style="font-weight:bold">Title</span></p></td><td colspan="2" style="width:117.05pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt; vertical-align:top"><p><span style="font-weight:bold">Application Date </span><span>(annual reporting periods)</span></p></td><td style="width:75.2pt; border-top:1.5pt double #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.4pt 0.65pt 1.02pt; vertical-align:top"><p><span style="font-weight:bold">IFRIC or SIC Interp’n</span></p></td></tr></thead><tbody><tr><td style="vertical-align:top"></td><td style="width:70.7pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p><span>2</span><span>1</span></p><p><span style="font-style:italic">December</span><span style="font-style:italic"> </span><span style="font-style:italic">2013</span></p><p><span>[as amended to]</span></p></td><td style="width:117.2pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p><span>Levies</span></p></td><td colspan="2" style="width:117.05pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p><span>(beginning)</span></p><p><span>1 January 201</span><span>4</span></p></td><td style="width:75.2pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p><span>IFRIC 2</span><span>1</span></p></td></tr></tbody><tbody><tr style="height:0pt"><td style="width:4.25pt"></td><td style="width:73.5pt"></td><td style="width:120pt"></td><td style="width:114.25pt"></td><td style="width:5.6pt"></td><td style="width:78pt"></td></tr></tbody></table>

(c) the addition of amended versions of Interpretations to Table 1 and Table 2, where applicable to any reporting period to which this Standard mandatorily applies. This reflects amended versions of Interpretations arising in relation to amendments to AASB 9 Financial Instruments and the Framework, the deferral of the consequential amendments for not-for-profit entities of AASB 10 Consolidated Financial Statements and related Standards, and the revised AASB 1031 Materiality issued in December 2013; and

(d) the addition of a section to update references to the Framework in other Standards to an amended version of the Framework.

Australian Interpretations

In the Australian context, Australian Interpretations do not have the same legal status as Standards (delegated legislation) and are treated as ‘external documents’ by the Acts Interpretation Act 1901 and the Legislative Instruments Act 2003. Although references in one Standard to a second Standard are ambulatory (automatically moving forward to refer to the most recently-issued version of the second Standard), references in a Standard to external documents are stationary (being fixed in time to refer to the contents of the external document when the Standard was issued). A simple reference to an Australian Interpretation in a Standard can refer only to the Interpretation that existed when the Standard was issued. It cannot refer to any revised version of the Interpretation that may exist at a later reporting date. However, a Standard can refer to a second Standard and, when the first Standard is applied at a later reporting date, the reference will be to the then-current version of the second Standard, even if it has been reissued since the first Standard was issued.

The service Standard approach, as applied to Australian Interpretations, involves issuing this Standard to list the Australian Interpretations, and referring to this Standard in every other Standard where necessary to refer to an Interpretation. This enables references to the Interpretations in all other Standards to be updated by reissuing the service Standard.

This approach preserves the status of Australian Interpretations as ‘external documents’ referred to in a Standard. It does not treat the Interpretations as delegated legislation or confer ambulatory status on the reference. In each Standard where there is a need to refer to an Australian Interpretation, the reference will be to this Standard, phrased as “Interpretation [number] [title] as identified in AASB 1048” (or similar). This reference, being to another Standard, is ambulatory and will refer to the version of this Standard that is in force from time to time. AASB 1048 itself will contain the direct references to the external documents and will be reissued periodically.

This approach to clarifying the status of Australian Interpretations ensures there is no difference between the status in the hierarchy accorded to Interpretations in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors compared with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.

Australian Conceptual Framework

In the Australian context, an Australian conceptual framework pronouncement, such as the Framework for the Preparation and Presentation of Financial Statements (Framework), also does not have the same legal status as a Standard (delegated legislation) and, like Interpretations, is treated as an ‘external document’ by the Acts Interpretation Act 1901 and the Legislative Instruments Act 2003.

The service Standard approach, as applied to the Australian conceptual framework, involves issuing this Standard to update references to the Framework in other Standards. This approach preserves the status of the Framework as an ‘external document’ referred to in a Standard. It does not treat the Framework as delegated legislation or confer ambulatory status on the reference.

Main Features of this Standard

This Standard (issued in December 2013) supersedes the previous version of AASB 1048, issued in June 2012 (as amended).

Application Date

This Standard is applicable to annual reporting periods ending on or after 20 December 2013 (see paragraph 3). To be consistent with the position for IFRSs as adopted in Australia, early adoption of this Standard is not permitted for annual reporting periods beginning before 1 January 2005. However, early adoption is otherwise permitted as specified in paragraph 4, subject to paragraphs 9, 11 and 13 of this Standard.

Main Requirements

This Standard identifies the Australian Interpretations and classifies them into two groups: those that correspond to an IASB Interpretation and those that do not. Entities are required to apply each relevant Australian Interpretation in preparing financial statements that are within the scope of the Standard.

In respect of the first group (Table 1), it is necessary for those Australian Interpretations, where relevant, to be applied in order for an entity to be able to make an explicit and unreserved statement of compliance with IFRSs. The IASB defines IFRSs to include the IFRIC and the SIC Interpretations.

In the second group (Table 2), this Standard lists the other Australian Interpretations, which do not correspond to the IASB Interpretations, to assist financial statement preparers and users to identify the other authoritative pronouncements necessary for compliance in the Australian context.

This Standard (see Table 3) also updates references to the Framework for the Preparation and Presentation of Financial Statements (July 2004) in other Standards to refer to an amended version of the Framework, as identified in this Standard.

The Standard will be reissued when necessary to keep the Tables up to date.

Changes from AASB 1048 (June 2012, as amended)

The main differences between the previous version of AASB 1048 and this version include:

(a) the removal from Tables 1 and 2 of the versions of Interpretations that do not apply to any of the reporting periods to which this Standard mandatorily applies (see paragraph 3). This includes the removal of Interpretation 121 Income Taxes – Recovery of Revalued Non-Depreciable Assets, which was superseded by AASB 112 Income Taxes for annual reporting periods beginning on or after 1 January 2012;

(b) the addition of one Interpretation incorporating an IFRIC Interpretation to Table 1, as set out in the following table:

<table cellspacing="0" cellpadding="0" style="width:395.6pt; border-collapse:collapse"><thead><tr><td colspan="4" style="width:300.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:top"><h4 id="navPoint_14" style="margin-bottom:3pt"><span>Principal Addition to Table 1</span></h4></td><td style="border-bottom:1.5pt double #000000; vertical-align:top"></td><td style="border-bottom:1.5pt double #000000; vertical-align:top"></td></tr><tr><td style="vertical-align:top"></td><td style="width:70.7pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt 1.4pt; vertical-align:top"><p><span style="font-weight:bold">Interpretation</span></p><p><span style="font-size:9pt; font-style:italic">Issue Date</span></p></td><td style="width:117.2pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt; vertical-align:top"><p><span style="font-weight:bold">Title</span></p></td><td colspan="2" style="width:117.05pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt; vertical-align:top"><p><span style="font-weight:bold">Application Date </span><span>(annual reporting periods)</span></p></td><td style="width:75.2pt; border-top:1.5pt double #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.4pt 0.65pt 1.02pt; vertical-align:top"><p><span style="font-weight:bold">IFRIC or SIC Interp’n</span></p></td></tr></thead><tbody><tr><td style="vertical-align:top"></td><td style="width:70.7pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p><span>2</span><span>1</span></p><p><span style="font-style:italic">December</span><span style="font-style:italic"> </span><span style="font-style:italic">2013</span></p><p><span>[as amended to]</span></p></td><td style="width:117.2pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p><span>Levies</span></p></td><td colspan="2" style="width:117.05pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p><span>(beginning)</span></p><p><span>1 January 201</span><span>4</span></p></td><td style="width:75.2pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p><span>IFRIC 2</span><span>1</span></p></td></tr></tbody><tbody><tr style="height:0pt"><td style="width:4.25pt"></td><td style="width:73.5pt"></td><td style="width:120pt"></td><td style="width:114.25pt"></td><td style="width:5.6pt"></td><td style="width:78pt"></td></tr></tbody></table>

(c) the addition of amended versions of Interpretations to Table 1 and Table 2, where applicable to any reporting period to which this Standard mandatorily applies. This reflects amended versions of Interpretations arising in relation to amendments to AASB 9 Financial Instruments and the Framework, the deferral of the consequential amendments for not-for-profit entities of AASB 10 Consolidated Financial Statements and related Standards, and the revised AASB 1031 Materiality issued in December 2013; and

(d) the addition of a section to update references to the Framework in other Standards to an amended version of the Framework.

Principal Addition to Table 1

cOMPARISON WITH

International pronouncements

AASB 1048 and IASB Pronouncements

There is no International Accounting Standards Board (IASB) Standard that directly corresponds to AASB 1048. However, Table 1 in AASB 1048 (see paragraph 8) contains a list of Australian Interpretations identifying the corresponding IASB Interpretations.

Compliance with IFRSs

For-profit entities preparing general purpose financial statements under Tier 1 reporting requirements that comply with the Australian Interpretations designated in this Standard as corresponding to the IASB Interpretations will simultaneously be in compliance with the Interpretations referred to by the IASB in its definition of International Financial Reporting Standards (IFRSs). Such compliance is one of the prerequisites for an entity to be able to make an explicit and unreserved statement of compliance with IFRSs, as described in AASB 101 Presentation of Financial Statements.

Entities preparing general purpose financial statements under Tier 2 reporting requirements may not be in compliance with IASB Interpretations.

In relation to references to the Framework for the Preparation and Presentation of Financial Statements in other Standards, the approach taken in this Standard to clarifying the applicable framework pronouncement ensures there is no difference between the version of the conceptual framework referred to in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors, and in other Standards.

AASB 1048 and IASB Pronouncements

There is no International Accounting Standards Board (IASB) Standard that directly corresponds to AASB 1048. However, Table 1 in AASB 1048 (see paragraph 8) contains a list of Australian Interpretations identifying the corresponding IASB Interpretations.

Compliance with IFRSs

For-profit entities preparing general purpose financial statements under Tier 1 reporting requirements that comply with the Australian Interpretations designated in this Standard as corresponding to the IASB Interpretations will simultaneously be in compliance with the Interpretations referred to by the IASB in its definition of International Financial Reporting Standards (IFRSs). Such compliance is one of the prerequisites for an entity to be able to make an explicit and unreserved statement of compliance with IFRSs, as described in AASB 101 Presentation of Financial Statements.

Entities preparing general purpose financial statements under Tier 2 reporting requirements may not be in compliance with IASB Interpretations.

In relation to references to the Framework for the Preparation and Presentation of Financial Statements in other Standards, the approach taken in this Standard to clarifying the applicable framework pronouncement ensures there is no difference between the version of the conceptual framework referred to in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors, and in other Standards.

aCCOUNTING STANDARD AASB 1048

The Australian Accounting Standards Board makes Accounting Standard AASB 1048 Interpretation of Standards under section 334 of the Corporations Act 2001.

Objective

1 The objective of this Standard is to provide an up-to-date listing of Australian Interpretations and to ensure the effectiveness of references in Australian Accounting Standards to Australian Interpretations and to the Framework for the Preparation and Presentation of Financial Statements (Framework). AASB and UIG Interpretations are referred to collectively in this Standard as Australian Interpretations.

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 statements of each reporting entity; and

(c) financial statements that are, or are held out to be, general purpose financial statements.

3 This Standard applies to annual reporting periods ending on or after 20 December 2013.

4 This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 that end before 20 December 2013.

5 When applied or operative, this Standard supersedes AASB 1048 Interpretation of Standards (June 2012, as amended).

Interpretations

6 This Standard refers to all Australian Interpretations currently approved by the AASB and applicable to any period[1] specified in paragraph 3, classified according to whether or not they correspond to Interpretations adopted by the International Accounting Standards Board (IASB).

7 For ease of presentation, the Australian Interpretations are set out in two separate tables: in paragraph 8, Table 1 lists those corresponding to IASB Interpretations and, in paragraph 10, 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.

Australian Interpretations corresponding to IASB Interpretations

8 An entity shall apply each relevant Australian Interpretation listed in Table 1 below.

<table cellspacing="0" cellpadding="0" style="width:487.6pt; border-collapse:collapse"><thead><tr><td colspan="4" style="width:476.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><h5 id="navPoint_24" style="margin-bottom:3pt; text-align:justify; line-height:normal"><span>Table 1: Australian Interpretations corresponding to IASB Interpretations</span></h5></td></tr><tr><td style="width:80.6pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">Interpretation</span></p><p style="line-height:normal"><span style="font-style:italic">Issue Date</span></p></td><td style="width:227.8pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">Title</span></p></td><td style="width:109.3pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">Application Date </span><span>(annual reporting periods)</span></p></td><td style="width:58.7pt; border-top:1.5pt double #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.4pt 0.65pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">IFRIC or SIC</span><span style="font-weight:bold"> Interp’n</span></p></td></tr></thead><tbody><tr><td style="width:80.6pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.1pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1</span></p><p style="line-height:normal"><span style="font-style:italic">December 2013</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:227.8pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.1pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Changes in Existing Decommissioning, Restoration and Similar Liabilities</span></p></td><td style="width:109.3pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.1pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2014</span></p></td><td style="width:58.7pt; border-top:1.5pt double #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.1pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>IFRIC 1</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1</span></p><p style="line-height:normal"><span style="font-style:italic">June 2009</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:227.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Changes in Existing Decommissioning, Restoration and Similar Liabilities</span></p></td><td style="width:109.3pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2009</span></p></td><td style="width:58.7pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>IFRIC 1</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>2</span></p><p style="line-height:normal"><span style="font-style:italic">December 2013</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:227.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Members’ Shares in Co</span><span>‑</span><span>operative Entities and Similar Instruments</span></p></td><td style="width:109.3pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2017</span></p></td><td style="width:58.7pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>IFRIC 2</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>2</span></p><p style="line-height:normal"><span style="font-style:italic">December 2013</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:227.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Members’ Shares in Co</span><span>‑</span><span>operative Entities and Similar Instruments</span></p></td><td style="width:109.3pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2014</span></p></td><td style="width:58.7pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>IFRIC 2</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>2</span></p><p style="line-height:normal"><span style="font-style:italic">September 2012</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:227.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Members’ Shares in Co</span><span>‑</span><span>operative Entities and Similar Instruments</span></p></td><td style="width:109.3pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 July 2013</span></p></td><td style="width:58.7pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>IFRIC 2</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>2</span></p><p style="line-height:normal"><span style="font-style:italic">September 2012</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:227.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Members’ Shares in Co</span><span>‑</span><span>operative Entities and Similar Instruments</span></p></td><td style="width:109.3pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2013</span></p></td><td style="width:58.7pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>IFRIC 2</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>2</span></p><p style="line-height:normal"><span style="font-style:italic">May 2011</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:227.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Members’ Shares in Co</span><span>‑</span><span>operative Entities and Similar Instruments</span></p></td><td style="width:109.3pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 July 2011</span></p></td><td style="width:58.7pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>IFRIC 2</span></p></td></tr></tbody></table>

9 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. However, an Interpretation shall not be applied to annual reporting periods beginning before 1 January 2005.

Other Australian Interpretations

10 An entity shall apply each relevant Australian Interpretation listed in Table 2 below.

<table cellspacing="0" cellpadding="0" style="width:487.6pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:476.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><h5 id="navPoint_26" style="margin-bottom:3pt; text-align:justify; line-height:normal"><span>Table 2: Other Australian Interpretations</span></h5></td></tr><tr><td style="width:80.6pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">Interpretation</span></p><p style="line-height:normal"><span style="font-style:italic">Issue Date</span></p></td><td style="width:281.8pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">Title</span></p></td><td style="width:116.8pt; border-top:1.5pt double #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.4pt 0.65pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">Application Date </span><span>(annual reporting periods)</span></p></td></tr></thead><tbody><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1003</span></p><p style="line-height:normal"><span style="font-style:italic">December 2013</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Australian Petroleum Resource Rent Tax</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2014</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1003</span></p><p style="line-height:normal"><span style="font-style:italic">November 2007</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Australian Petroleum Resource Rent Tax</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(ending)</span></p><p style="line-height:normal"><span>30 June 2008</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1019</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>The Superannuation Contributions Surcharge</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2014</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1019</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>The Superannuation Contributions Surcharge</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(ending)</span></p><p style="line-height:normal"><span>20</span><span> December 2013</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1019</span></p><p style="line-height:normal"><span style="font-style:italic">December 2007</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>The Superannuation Contributions Surcharge</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2009</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1030</span></p><p style="line-height:normal"><span style="font-style:italic">December 2013</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Depreciation of Long-Lived Physical Assets: Condition-Based Depreciation and Related Methods</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 20</span><span>14</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1030</span></p><p style="line-height:normal"><span style="font-style:italic">September 2007</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Depreciation of Long-Lived Physical Assets: Condition-Based Depreciation and Related Methods</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2009</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1031</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Accounting for the Goods and Services Tax (GST)</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 20</span><span>14</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1031</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Accounting for the Goods and Services Tax (GST)</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(ending)</span></p><p style="line-height:normal"><span>20</span><span> December 2013</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1031</span></p><p style="line-height:normal"><span style="font-style:italic">December 2007</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Accounting for the Goods and Services Tax (GST)</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2009</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1038</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Contributions by Owners Made to Wholly-Owned Public Sector Entities</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 20</span><span>14</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1038</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Contributions by Owners Made to Wholly-Owned Public Sector Entities</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(ending)</span></p><p style="line-height:normal"><span>20</span><span> December 2013</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1038</span></p><p style="line-height:normal"><span style="font-style:italic">December 2007</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Contributions by Owners Made to Wholly-Owned Public Sector Entities</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 July 2008</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1039</span></p><p style="line-height:normal"><span style="font-style:italic">December 2009</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Substantive Enactment of Major Tax Bills in Australia</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2011 but</span><span> </span><span>before 1</span><span> </span><span>January 2013</span><a id="_ftnref2"></a><a href="#_ftn2" style="text-decoration:none"><span class="FootnoteReference" style="font-size:6.67pt; color:#000000">[2]</span></a></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1042</span></p><p style="line-height:normal"><span style="font-style:italic">December 2013</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Subscriber Acquisition Costs in the Telecommunications Industry</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January </span><span>2014</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1042</span></p><p style="line-height:normal"><span style="font-style:italic">October 2010</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Subscriber Acquisition Costs in the Telecommunications Industry</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January </span><span>2011</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1047</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Professional Indemnity Claims Liabilities in Medical Defence Organisations</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 20</span><span>14</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1047</span></p><p style="line-height:normal"><span style="font-style:italic">December 2007</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Professional Indemnity Claims Liabilities in Medical Defence Organisations</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2009</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1052</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Tax Consolidation Accounting</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 20</span><span>14</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1052</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Tax Consolidation Accounting</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(ending)</span></p><p style="line-height:normal"><span>20</span><span> December 2013</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1052</span></p><p style="line-height:normal"><span style="font-style:italic">June 2010</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Tax Consolidation Accounting</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 July 2013</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1052</span></p><p style="line-height:normal"><span style="font-style:italic">December 2009</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Tax Consolidation Accounting</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2011</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1055</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Accounting for Road Earthworks</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 20</span><span>14</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1055</span></p><p style="line-height:normal"><span style="font-style:italic">December 2007</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Accounting for Road Earthworks</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2009</span></p></td></tr></tbody></table>

11 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. However, an Interpretation shall not be applied to annual reporting periods beginning before 1 January 2005.

Conceptual Framework

12 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.

<table cellspacing="0" cellpadding="0" style="width:487.6pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:476.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><h5 id="navPoint_28" style="margin-bottom:3pt; text-align:justify; line-height:normal"><span>Table </span><span>3</span><span>: </span><span>Australian Conceptual Framework</span><span> pronouncements</span></h5></td></tr><tr><td style="width:80.6pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">Issue Date</span></p></td><td style="width:268.05pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">Title</span></p></td><td style="width:130.55pt; border-top:1.5pt double #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.4pt 0.65pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">Application Date </span><span>(annual reporting periods)</span></p></td></tr></thead><tbody><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>December 2013</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:268.05pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span style="font-style:italic">Framework for the Preparation and Presentation of Financial Statements </span><span>(or </span><span style="font-style:italic">Framework</span><span>)</span></p></td><td style="width:130.55pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(ending)</span></p><p style="line-height:normal"><span>20</span><span> December 2013</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>December 2007</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:268.05pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span style="font-style:italic">Framework for the Preparation and Presentation of Financial Statements </span><span>(or </span><span style="font-style:italic">Framework</span><span>)</span></p></td><td style="width:130.55pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1</span><span> </span><span>January 2009</span></p></td></tr></tbody></table>

13 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. However, none of the versions are applicable to annual reporting periods beginning before 1 January 2005.

Table 1: Australian Interpretations corresponding to IASB Interpretations

Other Australian Interpretations

10 An entity shall apply each relevant Australian Interpretation listed in Table 2 below.

<table cellspacing="0" cellpadding="0" style="width:487.6pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:476.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><h5 id="navPoint_26" style="margin-bottom:3pt; text-align:justify; line-height:normal"><span>Table 2: Other Australian Interpretations</span></h5></td></tr><tr><td style="width:80.6pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">Interpretation</span></p><p style="line-height:normal"><span style="font-style:italic">Issue Date</span></p></td><td style="width:281.8pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">Title</span></p></td><td style="width:116.8pt; border-top:1.5pt double #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.4pt 0.65pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">Application Date </span><span>(annual reporting periods)</span></p></td></tr></thead><tbody><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1003</span></p><p style="line-height:normal"><span style="font-style:italic">December 2013</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Australian Petroleum Resource Rent Tax</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2014</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1003</span></p><p style="line-height:normal"><span style="font-style:italic">November 2007</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Australian Petroleum Resource Rent Tax</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(ending)</span></p><p style="line-height:normal"><span>30 June 2008</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1019</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>The Superannuation Contributions Surcharge</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2014</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1019</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>The Superannuation Contributions Surcharge</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(ending)</span></p><p style="line-height:normal"><span>20</span><span> December 2013</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1019</span></p><p style="line-height:normal"><span style="font-style:italic">December 2007</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>The Superannuation Contributions Surcharge</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2009</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1030</span></p><p style="line-height:normal"><span style="font-style:italic">December 2013</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Depreciation of Long-Lived Physical Assets: Condition-Based Depreciation and Related Methods</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 20</span><span>14</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1030</span></p><p style="line-height:normal"><span style="font-style:italic">September 2007</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Depreciation of Long-Lived Physical Assets: Condition-Based Depreciation and Related Methods</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2009</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1031</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Accounting for the Goods and Services Tax (GST)</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 20</span><span>14</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1031</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Accounting for the Goods and Services Tax (GST)</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(ending)</span></p><p style="line-height:normal"><span>20</span><span> December 2013</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1031</span></p><p style="line-height:normal"><span style="font-style:italic">December 2007</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Accounting for the Goods and Services Tax (GST)</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2009</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1038</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Contributions by Owners Made to Wholly-Owned Public Sector Entities</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 20</span><span>14</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1038</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Contributions by Owners Made to Wholly-Owned Public Sector Entities</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(ending)</span></p><p style="line-height:normal"><span>20</span><span> December 2013</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1038</span></p><p style="line-height:normal"><span style="font-style:italic">December 2007</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Contributions by Owners Made to Wholly-Owned Public Sector Entities</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 July 2008</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1039</span></p><p style="line-height:normal"><span style="font-style:italic">December 2009</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Substantive Enactment of Major Tax Bills in Australia</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2011 but</span><span> </span><span>before 1</span><span> </span><span>January 2013</span><a id="_ftnref2"></a><a href="#_ftn2" style="text-decoration:none"><span class="FootnoteReference" style="font-size:6.67pt; color:#000000">[2]</span></a></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1042</span></p><p style="line-height:normal"><span style="font-style:italic">December 2013</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Subscriber Acquisition Costs in the Telecommunications Industry</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January </span><span>2014</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1042</span></p><p style="line-height:normal"><span style="font-style:italic">October 2010</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Subscriber Acquisition Costs in the Telecommunications Industry</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January </span><span>2011</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1047</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Professional Indemnity Claims Liabilities in Medical Defence Organisations</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 20</span><span>14</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1047</span></p><p style="line-height:normal"><span style="font-style:italic">December 2007</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Professional Indemnity Claims Liabilities in Medical Defence Organisations</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2009</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1052</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Tax Consolidation Accounting</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 20</span><span>14</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1052</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Tax Consolidation Accounting</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(ending)</span></p><p style="line-height:normal"><span>20</span><span> December 2013</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1052</span></p><p style="line-height:normal"><span style="font-style:italic">June 2010</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Tax Consolidation Accounting</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 July 2013</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1052</span></p><p style="line-height:normal"><span style="font-style:italic">December 2009</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Tax Consolidation Accounting</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2011</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1055</span></p><p style="line-height:normal"><span style="font-style:italic">December 20</span><span style="font-style:italic">13</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Accounting for Road Earthworks</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 20</span><span>14</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>1055</span></p><p style="line-height:normal"><span style="font-style:italic">December 2007</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:281.8pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>Accounting for Road Earthworks</span></p></td><td style="width:116.8pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1 January 2009</span></p></td></tr></tbody></table>

11 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. However, an Interpretation shall not be applied to annual reporting periods beginning before 1 January 2005.

Conceptual Framework

12 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.

<table cellspacing="0" cellpadding="0" style="width:487.6pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:476.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><h5 id="navPoint_28" style="margin-bottom:3pt; text-align:justify; line-height:normal"><span>Table </span><span>3</span><span>: </span><span>Australian Conceptual Framework</span><span> pronouncements</span></h5></td></tr><tr><td style="width:80.6pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">Issue Date</span></p></td><td style="width:268.05pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">Title</span></p></td><td style="width:130.55pt; border-top:1.5pt double #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.4pt 0.65pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">Application Date </span><span>(annual reporting periods)</span></p></td></tr></thead><tbody><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>December 2013</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:268.05pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span style="font-style:italic">Framework for the Preparation and Presentation of Financial Statements </span><span>(or </span><span style="font-style:italic">Framework</span><span>)</span></p></td><td style="width:130.55pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(ending)</span></p><p style="line-height:normal"><span>20</span><span> December 2013</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>December 2007</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:268.05pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span style="font-style:italic">Framework for the Preparation and Presentation of Financial Statements </span><span>(or </span><span style="font-style:italic">Framework</span><span>)</span></p></td><td style="width:130.55pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1</span><span> </span><span>January 2009</span></p></td></tr></tbody></table>

13 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. However, none of the versions are applicable to annual reporting periods beginning before 1 January 2005.

Table 2: Other Australian Interpretations

Conceptual Framework

12 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.

<table cellspacing="0" cellpadding="0" style="width:487.6pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:476.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><h5 id="navPoint_28" style="margin-bottom:3pt; text-align:justify; line-height:normal"><span>Table </span><span>3</span><span>: </span><span>Australian Conceptual Framework</span><span> pronouncements</span></h5></td></tr><tr><td style="width:80.6pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">Issue Date</span></p></td><td style="width:268.05pt; border-top:1.5pt double #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.02pt 0.65pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">Title</span></p></td><td style="width:130.55pt; border-top:1.5pt double #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding:2.1pt 1.4pt 0.65pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span style="font-weight:bold">Application Date </span><span>(annual reporting periods)</span></p></td></tr></thead><tbody><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>December 2013</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:268.05pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span style="font-style:italic">Framework for the Preparation and Presentation of Financial Statements </span><span>(or </span><span style="font-style:italic">Framework</span><span>)</span></p></td><td style="width:130.55pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(ending)</span></p><p style="line-height:normal"><span>20</span><span> December 2013</span></p></td></tr><tr><td style="width:80.6pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt 1.4pt; vertical-align:top"><p style="line-height:normal"><span>December 2007</span></p><p style="line-height:normal"><span>[as amended to]</span></p></td><td style="width:268.05pt; border:0.75pt solid #000000; padding:2.48pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span style="font-style:italic">Framework for the Preparation and Presentation of Financial Statements </span><span>(or </span><span style="font-style:italic">Framework</span><span>)</span></p></td><td style="width:130.55pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding:2.48pt 1.4pt 1.02pt 1.02pt; vertical-align:top"><p style="line-height:normal"><span>(beginning)</span></p><p style="line-height:normal"><span>1</span><span> </span><span>January 2009</span></p></td></tr></tbody></table>

13 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. However, none of the versions are applicable to annual reporting periods beginning before 1 January 2005.

Table 3: Australian Conceptual Framework pronouncements