AASB 1048 Interpretation of Standards June 2012 (Cth)

Compiled AASB Standard AASB 1048

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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COPYRIGHT

© 2013 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 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

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]

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 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

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

1. 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.

1. 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.]

1. This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 that end before 30 June 2012.

1. 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.

1. When applicable, this Standard supersedes AASB 1048 Interpretation of Standards as issued in June 2010.

Scope

1. 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).

   [1]      Periods no longer than 18 months.

1. 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

1. 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 Interp’n
1 June 2009 [as amended to]	Changes in Existing Decommissioning, Restoration and Similar Liabilities	(beginning) 1 January 2009	IFRIC 1
2 June 2012 [as amended to]	Members’ Shares in Co‑operative Entities and Similar Instruments	(beginning) 1 July 2013	IFRIC 2
2 June 2012 [as amended to]	Members’ Shares in Co‑operative Entities and Similar Instruments	(beginning) 1 January 2013	IFRIC 2
2 May 2011 [as amended to]	Members’ Shares in Co‑operative Entities and Similar Instruments	(beginning) 1 July 2011	IFRIC 2
2 December 2009 [as amended to]	Members’ Shares in Co‑operative Entities and Similar Instruments	(beginning) 1 January 2011	IFRIC 2
4 September 2011 [as amended to]	Determining whether an Arrangement contains a Lease	(beginning) 1 July 2013	IFRIC 4
4 September 2011 [as amended to]	Determining whether an Arrangement contains a Lease	(beginning) 1 January 2013	IFRIC 4
4 December 2009 [as amended to]	Determining whether an Arrangement contains a Lease	(beginning) 1 January 2011	IFRIC 4
5 August 2011 [as amended to]	Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds	(beginning) 1 July 2013	IFRIC 5
5 August 2011 [as amended to]	Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds	(beginning) 1 January 2013	IFRIC 5
5 September 2007 [as amended to]	Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds	(beginning) 1 January 2009	IFRIC 5
6 September 2007 [as amended to]	Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment	(beginning) 1 January 2009	IFRIC 6
7 October 2009 [as amended to]	Applying the Restatement Approach under AASB 129 Financial Reporting in Hyper­inflationary Economies	(beginning) 1 January 2009	IFRIC 7
9 August 2011 [as amended to]	Reassessment of Embedded Derivatives	(beginning) 1 January 2013	IFRIC 9
9 May 2009 [as amended to]	Reassessment of Embedded Derivatives	(beginning) 1 July 2009	IFRIC 9
10 December 2010 [as amended to]	Interim Financial Reporting and Impairment	(beginning) 1 January 2013	IFRIC 10
10 October 2009 [as amended to]	Interim Financial Reporting and Impairment	(beginning) 1 January 2009	IFRIC 10
12 September 2011 [as amended to]	Service Concession Arrangements	(beginning) 1 January 2013	IFRIC 12
12 June 2009 [as amended to]	Service Concession Arrangements	(beginning) 1 January 2009	IFRIC 12
13 September 2011 [as amended to]	Customer Loyalty Programmes	(beginning) 1 January 2013	IFRIC 13
13 June 2010 [as amended to]	Customer Loyalty Programmes	(beginning) 1 January 2011	IFRIC 13
14 September 2011 [as amended to]	AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction	(beginning) 1 January 2013	IFRIC 14
14 December 2009 [as amended to]	AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction	(beginning) 1 January 2011	IFRIC 14
15 June 2010 [as amended to]	Agreements for the Construction of Real Estate	(beginning) 1 July 2013	IFRIC 15
15 August 2008	Agreements for the Construction of Real Estate	(beginning) 1 January 2009	IFRIC 15
16 August 2011 [as amended to]	Hedges of a Net Investment in a Foreign Operation	(beginning) 1 January 2013	IFRIC 16
16 December 2009 [as amended to]	Hedges of a Net Investment in a Foreign Operation	(beginning) 1 January 2011	IFRIC 16
17 September 2011 [as amended to]	Distributions of Non-cash Assets to Owners	(beginning) 1 July 2013	IFRIC 17
17 September 2011 [as amended to]	Distributions of Non-cash Assets to Owners	(beginning) 1 January 2013	IFRIC 17
17 June 2009 [as amended to]	Distributions of Non-cash Assets to Owners	(beginning) 1 July 2009	IFRIC 17
18 March 2009	Transfers of Assets from Customers	(ending) 1 July 2009	IFRIC 18
19 September 2011 [as amended to]	Extinguishing Financial Liabilities with Equity Instruments	(beginning) 1 January 2013	IFRIC 19
19 December 2009	Extinguishing Financial Liabilities with Equity Instruments	(beginning) 1 July 2010	IFRIC 19
20 November 2011	Stripping Costs in the Production Phase of a Surface Mine	(beginning) 1 January 2013	IFRIC 20
107 June 2009 [as amended to]	Introduction of the Euro	(beginning) 1 July 2009	SIC-7
110 September 2007 [as amended to]	Government Assistance – No Specific Relation to Operating Activities	(beginning) 1 January 2009	SIC-10
112 May 2011 [as amended to]	Consolidation – Special Purpose Entities	(beginning) 1 July 2011	SIC-12
112 October 2010 [as amended to]	Consolidation – Special Purpose Entities	(beginning) 1 January 2011	SIC-12
113 May 2011 [as amended to]	Jointly Controlled Entities – Non-Monetary Contributions by Venturers	(beginning) 1 July 2011	SIC-13
113 September 2007 [as amended to]	Jointly Controlled Entities – Non-Monetary Contributions by Venturers	(beginning) 1 January 2009	SIC-13
115 October 2010 [as amended to]	Operating Leases – Incentives	(beginning) 1 January 2011	SIC-15
121 September 2007 [as amended to]	Income Taxes – Recovery of Revalued Non-Depreciable Assets	(beginning) 1 January 2009	SIC-21
125 June 2009 [as amended to]	Income Taxes – Changes in the Tax Status of an Entity or its Shareholders	(beginning) 1 January 2009	SIC-25
127 December 2010 [as amended to]	Evaluating the Substance of Transactions Involving the Legal Form of a Lease	(beginning) 1 July 2013	SIC-27
127 December 2010 [as amended to]	Evaluating the Substance of Transactions Involving the Legal Form of a Lease	(beginning) 1 January 2013	SIC-27
127 October 2010 [as amended to]	Evaluating the Substance of Transactions Involving the Legal Form of a Lease	(beginning) 1 January 2011	SIC-27
129 June 2010 [as amended to]	Service Concession Arrangements: Disclosures	(beginning) 1 July 2013	SIC-29
129 June 2009 [as amended to]	Service Concession Arrangements: Disclosures	(beginning) 1 January 2009	SIC-29
131 September 2011 [as amended to]	Revenue – Barter Transactions Involving Advertising Services	(beginning) 1 January 2013	SIC-31
131 September 2007 [as amended to]	Revenue – Barter Transactions Involving Advertising Services	(beginning) 1 January 2009	SIC-31
132 September 2011 [as amended to]	Intangible Assets – Web Site Costs	(beginning) 1 January 2013	SIC-32
132 October 2010 [as amended to]	Intangible Assets – Web Site Costs	(beginning) 1 January 2011	SIC-32

1. 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

1. 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)
1003 November 2007	Australian Petroleum Resource Rent Tax	(ending) 30 June 2008
1019 December 2007 [as amended to]	The Superannuation Contributions Surcharge	(beginning) 1 January 2009
1030 September 2007 [as amended to]	Depreciation of Long-Lived Physical Assets: Condition-Based Depreciation and Related Methods	(beginning) 1 January 2009
1031 December 2007 [as amended to]	Accounting for the Goods and Services Tax (GST)	(beginning) 1 January 2009
1038 December 2007	Contributions by Owners Made to Wholly-Owned Public Sector Entities	(beginning) 1 July 2008
1042 October 2010 [as amended to]	Subscriber Acquisition Costs in the Telecommunications Industry	(beginning) 1 January 2011
1047 December 2007 [as amended to]	Professional Indemnity Claims Liabilities in Medical Defence Organisations	(beginning) 1 January 2009
1052 June 2010 [as amended to]	Tax Consolidation Accounting	(beginning) 1 July 2013
1052 December 2009 [as amended to]	Tax Consolidation Accounting	(beginning) 1 January 2011
1055 December 2007 [as amended to]	Accounting for Road Earthworks	(beginning) 1 January 2009

1. 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.