AASB 1048 - Interpretation of Standards - December 2013
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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.