AASB 1048 - Interpretation of Standards - June 2012
RepealedCTH
This Act has been repealed and is no longer in force. It is retained for historical reference.
Jurisdiction
Commonwealth
Collection
legislative instrument
Plain English Summary
4/10 complexity
This standard is a master directory of all official Australian accounting interpretations: it doesn’t set new rules but identifies which interpretation documents are legally binding and when they apply.
It affects entities that prepare financial reports (including general purpose financial statements) by clarifying which guidance to follow and ensuring consistent reference to interpretations—helping firms know the enforceable guidance and supporting IFRS-aligned reporting.
Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.
Current sections
Direct links to the current provisions in AASB 1048 - Interpretation of Standards - June 2012.
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Obtaining Copies of Accounting Standards
Obtaining Copies of Accounting Standards
Obtaining Copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.
Printed copies of original Standards and amending Standards are available for purchase by contacting:
The Customer Service OfficerAustralian Accounting Standards BoardLevel 7600 Bourke StreetMelbourne VictoriaAUSTRALIA
Postal address:PO Box 204Collins Street West Victoria 8007AUSTRALIA
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.
CONTENTS
CONTENTS
CONTENTS
COMPILATION DETAILS
Comparison with International Pronouncements
Accounting Standard
AASB 1048 Interpretation of Standards
Paragraphs
Objective 1
Application 2 – 6
Scope 7 – 8
Australian Interpretations corresponding to IASB Interpretations 9 – 10
Other Australian Interpretations 11 – 12
Australian Accounting Standard AASB 1048 Interpretation of Standards (as amended) is set out in paragraphs 1 – 12. All the paragraphs have equal authority. 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.
compilation details
compilation details
compilation details
Accounting Standard AASB 1048 Interpretation of Standards as amended
This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013. It takes into account amendments up to and including 17 December 2012 and was prepared on 23 September 2013 by the staff of the Australian Accounting Standards Board (AASB).
This compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 1048 (June 2012) as amended by other Accounting Standards, which are listed in the Table below.
Table of Standards
Standard
Date made
Application date(annual reporting periods … on or after …)
Application, saving or transitional provisions
AASB 1048
29 Jun 2012
(ending) 30 Jun 2012
see (a) below
AASB 2012-9
17 Dec 2012
(beginning) 1 Jan 2013
see (b) below
(a) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 that end before 30 June 2012.
(b) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013.
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
11
amended
AASB 2012-9 [6]
Accounting Standard AASB 1048 Interpreta
Accounting Standard AASB 1048 Interpretation of Standards as amended
Accounting Standard AASB 1048 Interpretation of Standards as amended
This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013. It takes into account amendments up to and including 17 December 2012 and was prepared on 23 September 2013 by the staff of the Australian Accounting Standards Board (AASB).
This compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 1048 (June 2012) as amended by other Accounting Standards, which are listed in the Table below.
Table of Standards
Table of Standards
Table of Standards
Standard
Date made
Application date(annual reporting periods … on or after …)
Application, saving or transitional provisions
AASB 1048
29 Jun 2012
(ending) 30 Jun 2012
see (a) below
AASB 2012-9
17 Dec 2012
(beginning) 1 Jan 2013
see (b) below
(a) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 that end before 30 June 2012.
(b) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013.
Table of Amendments
Table of Amendments
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
11
amended
AASB 2012-9 [6]
cOMPARISON WITH INTERNATIONAL PRONOUNCEM
cOMPARISON WITH INTERNATIONAL PRONOUNCEMENTS
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 9) contains a list of Australian Interpretations identifying the corresponding IASB Interpretations.
Compliance with IFRSs
For-profit entities that comply with the Australian Interpretations designated in this Standard as corresponding to the IASB Interpretations as amended 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 that needs to be met before an entity can make an explicit and unreserved statement of compliance with IFRSs, as described in AASB 101 Presentation of Financial Statements.
AASB 1048 and IASB Pronouncements
AASB 1048 and IASB 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 9) contains a list of Australian Interpretations identifying the corresponding IASB Interpretations.
Compliance with IFRSs
Compliance with IFRSs
Compliance with IFRSs
For-profit entities that comply with the Australian Interpretations designated in this Standard as corresponding to the IASB Interpretations as amended 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 that needs to be met before an entity can make an explicit and unreserved statement of compliance with IFRSs, as described in AASB 101 Presentation of Financial Statements.
aCCOUNTING STANDARD AASB 1048
aCCOUNTING STANDARD AASB 1048
aCCOUNTING STANDARD AASB 1048
The Australian Accounting Standards Board made Accounting Standard AASB 1048 Interpretation of Standards under section 334 of the Corporations Act 2001 on 29 June 2012.
This compiled version of AASB 1048 applies to annual reporting periods beginning on or after 1 January 2013. It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 17 December 2012 (see Compilation Details).
Objective
Objective
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. AASB and UIG Interpretations are referred to collectively in this Standard as Australian Interpretations.
Application
Application
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 30 June 2012.
[Note: For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]
4 This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 that end before 30 June 2012.
5 The requirements specified in this Standard apply to the financial statements where information resulting from their application is material in accordance with AASB 1031 Materiality.
6 When applicable, this Standard supersedes AASB 1048 Interpretation of Standards as issued in June 2010.
Scope
Scope
Scope
7 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).
8 For ease of presentation, the Australian Interpretations are set out in two separate tables: in paragraph 9, Table 1 lists those corresponding to IASB Interpretations and, in paragraph 11, 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
Australian Interpretations corresponding to IASB Interpretations
Australian Interpretations corresponding to IASB Interpretations
9 An entity shall apply each relevant Australian Interpretation listed in Table 1 below.
10 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
11 An entity shall apply each relevant Australian Interpretation listed in Table 2 below.
12 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.
Table 1: Australian Interpretations corr
Table 1: Australian Interpretations corresponding to IASB Interpretations
Table 1: Australian Interpretations corresponding to IASB Interpretations
Other Australian Interpretations
Other Australian Interpretations
Other Australian Interpretations
11 An entity shall apply each relevant Australian Interpretation listed in Table 2 below.
12 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.
Table 2: Other Australian Interpretation
Table 2: Other Australian Interpretations
Table 2: Other Australian Interpretations
Source text: opening excerpt
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
Obtaining Copies of Accounting Standards Obtaining Copies of Accounting Standards
Obtaining Copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.
Printed copies of original Standards and amending Standards are available for purchase by contacting:
The Customer Service OfficerAustralian Accounting Standards BoardLevel 7600 Bourke StreetMelbourne VictoriaAUSTRALIA
Postal address:PO Box 204Collins Street West Victoria 8007AUSTRALIA
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.
CONTENTS CONTENTS
CONTENTS
COMPILATION DETAILS
Comparison with International Pronouncements
Accounting Standard
AASB 1048 Interpretation of Standards
Paragraphs
Objective 1
Application 2 – 6
Scope 7 – 8
Australian Interpretations corresponding to IASB Interpretations 9 – 10
Other Australian Interpretations 11 – 12
Australian Accounting Standard AASB 1048 Interpretation of Standards (as amended) is set out in paragraphs 1 – 12. All the paragraphs have equal authority. 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.
compilation details compilation details
compilation details
Accounting Standard AASB 1048 Interpretation of Standards as amended
Accounting Standard AASB 1048 Interpretation of Standards as amended
This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013. It takes into account amendments up to and including 17 December 2012 and was prepared on 23 September 2013 by the staff of the Australian Accounting Standards Board (AASB).
This compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 1048 (June 2012) as amended by other Accounting Standards, which are listed in the Table below.
Table of Standards
Standard
Date made
Application date(annual reporting periods … on or after …)
Application, saving or transitional provisions
AASB 1048
29 Jun 2012
(ending) 30 Jun 2012
see (a) below
AASB 2012-9
17 Dec 2012
(beginning) 1 Jan 2013
see (b) below
(a) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 that end before 30 June 2012.
(b) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013.
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
11
amended
AASB 2012-9 [6]
Accounting Standard AASB 1048 Interpreta Accounting Standard AASB 1048 Interpretation of Standards as amended
Accounting Standard AASB 1048 Interpretation of Standards as amended
This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013. It takes into account amendments up to and including 17 December 2012 and was prepared on 23 September 2013 by the staff of the Australian Accounting Standards Board (AASB).
This compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 1048 (June 2012) as amended by other Accounting Standards, which are listed in the Table below.
Table of Standards Table of Standards
Table of Standards
Standard
Date made
Application date(annual reporting periods … on or after …)
Application, saving or transitional provisions
AASB 1048
29 Jun 2012
(ending) 30 Jun 2012
see (a) below
AASB 2012-9
17 Dec 2012
(beginning) 1 Jan 2013
see (b) below
(a) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 that end before 30 June 2012.
(b) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013.
Table of Amendments Table of Amendments
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
11
amended
AASB 2012-9 [6]
cOMPARISON WITH INTERNATIONAL PRONOUNCEM cOMPARISON WITH INTERNATIONAL PRONOUNCEMENTS
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 9) contains a list of Australian Interpretations identifying the corresponding IASB Interpretations.
Compliance with IFRSs
For-profit entities that comply with the Australian Interpretations designated in this Standard as corresponding to the IASB Interpretations as amended 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 that needs to be met before an entity can make an explicit and unreserved statement of compliance with IFRSs, as described in AASB 101 Presentation of Financial Statements.
AASB 1048 and IASB Pronouncements AASB 1048 and IASB 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 9) contains a list of Australian Interpretations identifying the corresponding IASB Interpretations.
Compliance with IFRSs Compliance with IFRSs
Compliance with IFRSs
For-profit entities that comply with the Australian Interpretations designated in this Standard as corresponding to the IASB Interpretations as amended 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 that needs to be met before an entity can make an explicit and unreserved statement of compliance with IFRSs, as described in AASB 101 Presentation of Financial Statements.
aCCOUNTING STANDARD AASB 1048 aCCOUNTING STANDARD AASB 1048
aCCOUNTING STANDARD AASB 1048
The Australian Accounting Standards Board made Accounting Standard AASB 1048 Interpretation of Standards under section 334 of the Corporations Act 2001 on 29 June 2012.
This compiled version of AASB 1048 applies to annual reporting periods beginning on or after 1 January 2013. It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 17 December 2012 (see Compilation Details).
aCCOUNTING STANDARD AASB 1048 aCCOUNTING STANDARD AASB 1048
aCCOUNTING STANDARD AASB 1048
Interpretation of Standards
Objective Objective
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. AASB and UIG Interpretations are referred to collectively in this Standard as Australian Interpretations.
Application Application
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 30 June 2012.
[Note: For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]
4 This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 that end before 30 June 2012.
5 The requirements specified in this Standard apply to the financial statements where information resulting from their application is material in accordance with AASB 1031 Materiality.
6 When applicable, this Standard supersedes AASB 1048 Interpretation of Standards as issued in June 2010.
Scope Scope
Scope
7 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).
8 For ease of presentation, the Australian Interpretations are set out in two separate tables: in paragraph 9, Table 1 lists those corresponding to IASB Interpretations and, in paragraph 11, 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 Australian Interpretations corresponding to IASB Interpretations
Australian Interpretations corresponding to IASB Interpretations
9 An entity shall apply each relevant Australian Interpretation listed in Table 1 below.