AASB 1048 - Interpretation of Standards - December 2013
Reasons for Issuing AASB 1048Reasons for Issuing AASB 1048
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Reasons for Issuing AASB 1048
Australian Accounting Standards that apply to annual reporting periods beginning on or after 1 January 2005 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.