Interpretation of Standards

This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013.  Early application is permitted.  It incorporates relevant amendments made up to and including 17 December 2012.

Prepared on 23 September 2013 by the staff of the Australian Accounting Standards Board.

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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

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

(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

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

Interpretation 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 Australian Accounting 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 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

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 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.

[1]  Periods no longer than 18 months.