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.