AASB 1048 Interpretation and Application of Standards September 2007 (Cth)

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.

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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.