When applicable, this Standard supersedes AASB 1048 Interpretation and Application of Standards as issued in December 2006 (F2006L05744). AASB 1048 is amended by the Erratum "Proportionate Consolidation" which was issued in July 2007 to insert additional references to proportionate consolidation into Standards and Interpretaions which were not added via AASB 2007-4. The Erratum can be found as supporting material to AASB 2007-4 (F2007L01669).