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AASB 1048 Standards/Accounting & Auditing as amended, taking into account amendments up to AASB 2007-8 - Amendments to Australian Accounting Standards arising from AASB 101 - September 2007
Administered by: Treasury
General Comments: This compilation represents the Standard as at the making date of the last Amending Standard shown in the Table of Standards.
Registered 06 Jun 2014
Start Date 26 Oct 2007

Compiled AASB Standard

AASB 1048

 

Interpretation and Application of Standards

 

 


This compiled Standard applies to annual reporting periods beginning on or after 1 January 2009.  Early application is permitted.  It incorporates relevant amendments made up to and including 24 September 2007.

 

Prepared on 8 May 2014 by the staff of the Australian Accounting Standards Board.

 

 


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:

 

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Australian Accounting Standards Board

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Melbourne   Victoria

AUSTRALIA

 

 

 

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Website:    www.aasb.gov.au

 

 

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COPYRIGHT

© 2014 Commonwealth of Australia

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

COMPILATION DETAILS

Comparison With International Pronouncements

Accounting Standard

AASB 1048 Interpretation and Application 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 and Application of Standards 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

Accounting Standard AASB 1048 Interpretation and Application of Standards as amended

This compiled Standard applies to annual reporting periods beginning on or after 1 January 2009.  It takes into account amendments up to and including 24 September 2007 and was prepared on 8 May 2014 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 (September 2007) 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

5 Sep 2007

(ending) 30 Sep 2007

see (a) below

AASB 2007-8

24 Sep 2007

(beginning) 1 Jan 2009

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 September 2007.

(b)       Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009, provided that AASB 101 Presentation of Financial Statements. is also adopted for the same period.

Table of Amendments

Paragraph affected

How affected

By … [paragraph]

2

amended

AASB 2007-8 [7, 8]

5

amended

AASB 2007-8 [8]

 


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.

 


ACCOUNTING STANDARD AASB 1048

The Australian Accounting Standards Board made Accounting Standard AASB 1048 Interpretation and Application of Standards under section 334 of the Corporations Act 2001 on 5 September 2007.

This compiled version of AASB 1048 applies to annual reporting periods beginning on or after 1 January 2009.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 24 September 2007 (see Compilation Details).

aCCOUNTING STANDARD AASB 1048

Interpretation and Application of Standards

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 AASB Standards to Australian Interpretations.  AASB and UIG Interpretations are referred to collectively in this Standard as Australian Interpretations.

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 September 2007.
[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 September 2007.

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 and Application of Standards as issued in March 2007.

Scope

7         This Standard refers to all Australian Interpretations currently approved by the AASB, 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 to IASB Interpretations

9         An entity shall apply each relevant Australian Interpretation listed in Table 1 below.

Table 1:  Australian Interpretations corresponding to IASB Interpretations

 

Interpretation

Issue Date

Title

Application Date (annual reporting periods)

IFRIC or SIC

 

 

1  [revised]

June 2007

Changes in Existing Decommissioning, Restoration and Similar Liabilities

(beginning)

1 January 2009

IFRIC 1

 

 

1

July 2004

Changes in Existing Decommissioning, Restoration and Similar Liabilities

(beginning)

1 January 2005

IFRIC 1

 

 

2

March 2005

Members’ Shares in Co‑operative Entities and Similar Instruments

(ending)

31 December 2005

IFRIC 2

 

 

4  [revised]

February 2007

Determining whether an Arrangement contains a Lease

(beginning)

1 January 2008

IFRIC 4

 

 

4

June 2005

Determining whether an Arrangement contains a Lease

(beginning)

1 January 2006

IFRIC 4

 

 

5

June 2005

Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds

(beginning)

1 January 2006

IFRIC 5

 

 

6

October 2005

Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment

(beginning)

1 December 2005

IFRIC 6

 

 

7

February 2006

Applying the Restatement Approach under AASB 129 Financial Reporting in Hyper­inflationary Economies

(beginning)

1 March 2006

IFRIC 7

 

 

8

March 2006

Scope of AASB 2

(beginning)

1 May 2006

IFRIC 8

 

 

9

April 2006

Reassessment of Embedded Derivatives

(beginning)

1 June 2006

IFRIC 9

 

 

10

September 2006

Interim Financial Reporting and Impairment

(beginning)

1 November 2006

IFRIC 10

 

 

11

February 2007

AASB 2 – Group and Treasury Share Transactions

(beginning)

1 March 2007

IFRIC 11

 

 

12  [revised]

June 2007

Service Concession Arrangements

(beginning)

1 January 2009

IFRIC 12

 

 

12

February 2007

Service Concession Arrangements

(beginning)

1 January 2008

IFRIC 12

 

 

13

August 2007

Customer Loyalty Programmes

(beginning)

1 July 2008

IFRIC 13

 

 

14

August 2007

AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction

(beginning)

1 January 2008

IFRIC 14

 

 

107

July 2004

Introduction of the Euro

(beginning)

1 January 2005

SIC-7

 

 

110

July 2004

 

Government Assistance – No Specific Relation to Operating Activities

(beginning)

1 January 2005

SIC-10

 

 

112

December 2004

Consolidation – Special Purpose Entities

(beginning)

1 January 2005

SIC-12

 

 

113  [revised]

July 2007

Jointly Controlled Entities – Non-Monetary Contributions by Venturers

(beginning)

1 July 2007

SIC-13

 

 

113

July 2004

Jointly Controlled Entities – Non-Monetary Contributions by Venturers

(beginning)

1 January 2005

SIC-13

 

 

115

July 2004

Operating Leases – Incentives

(beginning)

1 January 2005

SIC-15

 

 

121

July 2004

Income Taxes – Recovery of Revalued Non-Depreciable Assets

(beginning)

1 January 2005

SIC-21

 

 

125

July 2004

Income Taxes – Changes in the Tax Status of an Entity or its Shareholders

(beginning)

1 January 2005

SIC-25

 

 

127

July 2004

Evaluating the Substance of Transactions Involving the Legal Form of a Lease

(beginning)

1 January 2005

SIC-27

 

 

129  [revised]

February 2007

Service Concession Arrangements: Disclosures

(beginning)

1 January 2008

SIC-29

 

 

129

July 2004

Disclosure – Service Concession Arrangements

(beginning)

1 January 2005

SIC-29

 

 

131

July 2004

Revenue – Barter Transactions Involving Advertising Services

(beginning)

1 January 2005

SIC-31

 

 

132

July 2004

Intangible Assets – Web Site Costs

(beginning)

1 January 2005

SIC-32

 

 

10       The 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.  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.

Table 2:  Other Australian Interpretations

 

Interpretation

Issue Date

Title

Application Date (annual reporting periods)

 

1001

July 2005

Consolidated Financial Reports in relation to Pre-Date-of-Transition Dual Listed Company Arrangements

(ending)

31 December 2005

 

1002

December 2005

Post-Date-of-Transition Stapling Arrangements

(ending)

31 December 2005

 

1013

April 2005

Consolidated Financial Reports in relation to Pre-Date-of-Transition Stapling Arrangements

(ending)

31 December 2005

 

1017

November 2004

Developer and Customer Contributions for Connection to a Price-Regulated Network

(beginning)

1 January 2005

 

1019

September 2004

The Superannuation Contributions Surcharge

(beginning)

1 January 2005

 

1030

September 2004

Depreciation of Long-Lived Physical Assets: Condition-Based Depreciation and Related Methods

(beginning)

1 January 2005

 

1031

July 2004

Accounting for the Goods and Services Tax (GST)

(beginning)

1 January 2005

 

1038

September 2004

Contributions by Owners Made to Wholly-Owned Public Sector Entities

(beginning)

1 January 2005

 

1039

July 2004

Substantive Enactment of Major Tax Bills in Australia

(beginning)

1 January 2005

 

1042

December 2004

Subscriber Acquisition Costs in the Telecommunications Industry

(beginning)

1 January 2005

 

1047

November 2004

Professional Indemnity Claims Liabilities in Medical Defence Organisations

(beginning)

1 January 2005

 

1052

June 2005

Tax Consolidation Accounting

(ending)

31 December 2005

 

1055

September 2004

Accounting for Road Earthworks

(beginning)

1 January 2005

 

12       The 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.  However, an Interpretation shall not be applied to annual reporting periods beginning before 1 January 2005.