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.