Accounting Standard
AASB 1048
September 2008
Interpretation and Application of Standards
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CONTENTS
Preface
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.
Preface
Introduction
The Australian Accounting Standards Board (AASB) makes Australian Accounting Standards, including Interpretations, to be applied by:
(a) entities required by the Corporations Act 2001 to prepare financial reports;
(b) governments in preparing financial statements for the whole of government and the General Government Sector (GGS); and
(c) entities in the private or public for-profit or not-for-profit sectors that are reporting entities or that prepare general purpose financial statements.
Australian Accounting Standards incorporate International Financial Reporting Standards (IFRSs), including Interpretations, issued by the International Accounting Standards Board (IASB), with the addition of paragraphs on the applicability of the Standard in the Australian environment.
Australian Accounting Standards also include requirements that are specific to Australian entities. These requirements may be located in Australian Accounting Standards that incorporate IFRSs or in other Australian Accounting Standards. In most instances, these requirements are either restricted to the not-for-profit or public sectors or include additional disclosures that address domestic, regulatory or other issues. In developing requirements for public sector entities, the AASB considers the requirements of International Public Sector Accounting Standards (IPSASs), as issued by the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants.
Private sector for-profit entities complying with Australian Accounting Standards will simultaneously comply with IFRSs. Many other entities complying with Australian Accounting Standards will also simultaneously comply with IFRSs.
Reasons for Issuing AASB 1048
Australian Accounting Standards that apply to annual reporting periods beginning on or after 1 January 2005 include Australian equivalents to International Financial Reporting Standards (IFRSs). IFRSs comprise Accounting Standards and Interpretations. IFRSs are issued by the International Accounting Standards Board (IASB), and their adoption in Australia is in accordance with a strategic direction made by the Financial Reporting Council (FRC).
This Standard clarifies that all Australian Interpretations have the same authoritative status. Those that are equivalent to the IASB Interpretations must be applied to achieve compliance with IFRSs. Australian Interpretations issued by the AASB comprise both AASB and UIG Interpretations. UIG Interpretations were developed by the Urgent Issues Group, a former committee of the AASB.
Need for a Service Standard
In the Australian context, Australian Interpretations do not have the same legal status as Standards (delegated legislation) and are treated as ‘external documents’ by the Acts Interpretation Act 1901 (and also by the Legislative Instruments Act 2003). Although references in one Standard to a second Standard are ambulatory (automatically moving forward to refer to the most recently-issued version of the second Standard), references in a Standard to external documents are stationary (being fixed in time to refer to the contents of the external document when the Standard was issued). A simple reference to an Australian Interpretation in an AASB Standard can only refer to the Interpretation that existed when the Standard was issued. It cannot refer to any revised version of the Interpretation that may exist at a later reporting date. However, an AASB Standard can refer to a second AASB Standard and, when the first Standard is applied at a later reporting date, the reference will be to the then-current version of the second Standard, even if it has been re-issued since the first Standard was issued.
The service Standard approach involves issuing an AASB Standard – this Standard – that lists the Australian Interpretations, and referring to that Standard in every other AASB Standard where necessary to refer to an Interpretation. This enables references to the Interpretations in all other AASB Standards to be updated by re-issuing the service Standard.
This approach preserves the status of Australian Interpretations as ‘external documents’ referred to in a Standard, with the contents fixed in time to that existing when the Standard takes effect. It does not treat the Interpretations as delegated legislation or confer ambulatory status on the reference. In each AASB Standard where there is a need to refer to an Australian equivalent of an IASB Interpretation, the reference will be to this Standard, phrased as “Interpretation [number] [title] identified in AASB 1048 as corresponding to IFRIC [or SIC] [number]”. This reference, being to another AASB Standard, is ambulatory and will refer to the Standard, AASB 1048, that is in force from time to time. AASB 1048 itself will contain the direct references to the external documents and will be re-issued to keep all references to Interpretations in the other Standards up to date.
This approach to clarifying the status of Australian Interpretations ensures there is no difference between the status in the hierarchy accorded to Interpretations in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors compared with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.
Main Features of this Standard
This Standard (issued in September 2008) supersedes the previous version of AASB 1048, issued in September 2007.
Application Date
This Standard is applicable to annual reporting periods ending on or after 30 September 2008 (see paragraph 3). To be consistent with the position for AASB Standards equivalent to IFRSs, early adoption of this Standard is not permitted for annual reporting periods beginning before 1 January 2005. However, early adoption is otherwise permitted as specified in paragraph 4, subject to paragraphs 10 and 12.
Main Requirements
This Standard identifies the Australian Interpretations and classifies them into two groups: those that correspond to an IASB Interpretation and those that do not. Entities are required to apply each relevant Australian Interpretation in preparing financial statements that are within the scope of the Standard.
In respect of the first group (Table 1), it is necessary for those Australian Interpretations, where relevant, to be applied in order for an entity to be able to make an explicit and unreserved statement of compliance with IFRSs. The IASB defines IFRSs to include the IFRIC and SIC Interpretations.
In the second group (Table 2), this Standard lists the other Australian Interpretations, that do not correspond to the IASB Interpretations, to assist financial statement preparers and users to identify the other authoritative pronouncements necessary for compliance in the Australian context.
The Standard will be re-issued when necessary to keep the Tables up to date.
Changes from AASB 1048 (September 2007)
The main differences between AASB 1048 (as issued in September 2007) and this version issued in September 2008 are the addition of five Interpretations based on IFRIC Interpretations to Table 1 in paragraph 9 of the Standard, and the addition of two Australian Interpretations that do not correspond to an IASB Interpretation to Table 2 in paragraph 11 of the Standard, as set out in the following table.
Principal Additions to Table 1
Interpretation
Issue Date
Title
Application Date (annual reporting periods)
IFRIC or SIC
2
March 2008
[as amended to]
Members’ Shares in Co‑operative Entities and Similar Instruments
(beginning)
1 January 2009
IFRIC 2
9
March 2008
[as amended to]
Reassessment of Embedded Derivatives
(beginning)
1 July 2009
IFRIC 9
107
March 2008
[as amended to]
Introduction of the Euro
(beginning)
1 July 2009
SIC-7
15
August 2008
Agreements for the Construction of Real Estate
(beginning)
1 January 2009
IFRIC 15
16
August 2008
Hedges of a Net Investment in a Foreign Operation
(beginning)
1 October 2008
IFRIC 16
Principal Additions to Table 2
Interpretation
Issue Date
Title
Application Date
(annual reporting periods)
1003
November 2007
Australian Petroleum Resource Rent Tax
(ending)
30 June 2008
1038
December 2007
Contributions by Owners Made to Wholly-Owned Public Sector Entities
(beginning)
1 July 2008
In addition to the above, as a consequence of the making of AASB 2007-8 Amendments to Australian Accounting Standards arising from AASB 101 (September 2007) and AASB 2007-10 Further Amendments to Australian Accounting Standards arising from AASB 101 (December 2007), editorial changes have been made to nearly all the Interpretations. The amended Interpretations are also included in Tables 1 and 2 of the Standard.
Comparison with
International Pronouncements
AASB 1048 and IASB Pronouncements
There is no IASB Standard equivalent 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 will simultaneously be in compliance with the Interpretations referred to by the IASB in its definition of 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 paragraph 14 of AASB 101 Presentation of Financial Statements.
ACCOUNTING STANDARD AASB 1048
The Australian Accounting Standards Board makes Accounting Standard AASB 1048 Interpretation and Application of Standards under section 334 of the Corporations Act 2001.
D.G. Boymal
Dated 24 September 2008
Chair – AASB
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 2008.
4 This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 that end before 30 September 2008.
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 September 2007 as amended.
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
September 2007
[as amended to]
Changes in Existing Decommissioning, Restoration and Similar Liabilities
(beginning)
1 January 2009
IFRIC 1
1
June 2007
[as amended to]
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 2008
[as amended to]
Members’ Shares in Co‑operative Entities and Similar Instruments
(beginning)
1 January 2009
IFRIC 2
2
September 2007
[as amended to]
Members’ Shares in Co‑operative Entities and Similar Instruments
(beginning)
1 January 2009
IFRIC 2
2
March 2005
Members’ Shares in Co‑operative Entities and Similar Instruments
(ending)
31 December 2005
IFRIC 2
4
September 2007
[as amended to]
Determining whether an Arrangement contains a Lease
(beginning)
1 January 2009
IFRIC 4
4
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
September 2007
[as amended to]
Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
(beginning)
1 January 2009
IFRIC 5
5
June 2005
Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
(beginning)
1 January 2006
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
6
October 2005
Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment
(beginning)
1 December 2005
IFRIC 6
7
December 2007
[as amended to]
Applying the Restatement Approach under AASB 129 Financial Reporting in Hyperinflationary Economies
(beginning)
1 January 2009
IFRIC 7
7
September 2007
[as amended to]
Applying the Restatement Approach under AASB 129 Financial Reporting in Hyperinflationary Economies
(beginning)
1 January 2009
IFRIC 7
7
February 2006
Applying the Restatement Approach under AASB 129 Financial Reporting in Hyperinflationary Economies
(beginning)
1 March 2006
IFRIC 7
8
September 2007
[as amended to]
Scope of AASB 2
(beginning)
1 January 2009
IFRIC 8
8
March 2006
Scope of AASB 2
(beginning)
1 May 2006
IFRIC 8
9
March 2008
[as amended to]
Reassessment of Embedded Derivatives
(beginning)
1 July 2009
IFRIC 9
9
September 2007
[as amended to]
Reassessment of Embedded Derivatives
(beginning)
1 January 2009
IFRIC 9
9
April 2006
Reassessment of Embedded Derivatives
(beginning)
1 June 2006
IFRIC 9
10
December 2007
[as amended to]
Interim Financial Reporting and Impairment
(beginning)
1 January 2009
IFRIC 10
10
September 2007
[as amended to]
Interim Financial Reporting and Impairment
(beginning)
1 January 2009
IFRIC 10
10
September 2006
Interim Financial Reporting and Impairment
(beginning)
1 November 2006
IFRIC 10
11
September 2007
[as amended to]
AASB 2 – Group and Treasury Share Transactions
(beginning)
1 January 2009
IFRIC 11
11
February 2007
AASB 2 – Group and Treasury Share Transactions
(beginning)
1 March 2007
IFRIC 11
12
September 2007
[as amended to]
Service Concession Arrangements
(beginning)
1 January 2009
IFRIC 12
12
June 2007
[as amended to]
Service Concession Arrangements
(beginning)
1 January 2009
IFRIC 12
12
February 2007
Service Concession Arrangements
(beginning)
1 January 2008
IFRIC 12
13
September 2007
[as amended to]
Customer Loyalty Programmes
(beginning)
1 January 2009
IFRIC 13
13
August 2007
Customer Loyalty Programmes
(beginning)
1 July 2008
IFRIC 13
14
September 2007
[as amended to]
AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
(beginning)
1 January 2009
IFRIC 14
14
August 2007
AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
(beginning)
1 January 2008
IFRIC 14
15
August 2008
Agreements for the Construction of Real Estate
(beginning)
1 January 2009
IFRIC 15
16
August 2008
Hedges of a Net Investment in a Foreign Operation
(beginning)
1 October 2008
IFRIC 16
107
March 2008
[as amended to]
Introduction of the Euro
(beginning)
1 July 2009
SIC-7
107
December 2007
[as amended to]
Introduction of the Euro
(beginning)
1 January 2009
SIC-7
107
September 2007
[as amended to]
Introduction of the Euro
(beginning)
1 January 2009
SIC-7
107
July 2004
Introduction of the Euro
(beginning)
1 January 2005
SIC-7
110
September 2007
[as amended to]
Government Assistance – No Specific Relation to Operating Activities
(beginning)
1 January 2009
SIC-10
110
July 2004
Government Assistance – No Specific Relation to Operating Activities
(beginning)
1 January 2005
SIC-10
112
September 2007
[as amended to]
Consolidation – Special Purpose Entities
(beginning)
1 January 2009
SIC-12
112
December 2004
Consolidation – Special Purpose Entities
(beginning)
1 January 2005
SIC-12
113
September 2007
[as amended to]
Jointly Controlled Entities – Non-Monetary Contributions by Venturers
(beginning)
1 January 2009
SIC-13
113
July 2007
[as amended to]
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
September 2007
[as amended to]
Operating Leases – Incentives
(beginning)
1 January 2009
SIC-15
115
July 2004
Operating Leases – Incentives
(beginning)
1 January 2005
SIC-15
121
September 2007
[as amended to]
Income Taxes – Recovery of Revalued Non-Depreciable Assets
(beginning)
1 January 2009
SIC-21
121
July 2004
Income Taxes – Recovery of Revalued Non-Depreciable Assets
(beginning)
1 January 2005
SIC-21
125
September 2007
[as amended to]
Income Taxes – Changes in the Tax Status of an Entity or its Shareholders
(beginning)
1 January 2009
SIC-25
125
July 2004
Income Taxes – Changes in the Tax Status of an Entity or its Shareholders
(beginning)
1 January 2005
SIC-25
127
September 2007
[as amended to]
Evaluating the Substance of Transactions Involving the Legal Form of a Lease
(beginning)
1 January 2009
SIC-27
127
July 2004
Evaluating the Substance of Transactions Involving the Legal Form of a Lease
(beginning)
1 January 2005
SIC-27
129
December 2007
[as amended to]
Service Concession Arrangements: Disclosures
(beginning)
1 January 2009
SIC-29
129
September 2007
[as amended to]
Service Concession Arrangements: Disclosures
(beginning)
1 January 2009
SIC-29
129
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
September 2007
[as amended to]
Revenue – Barter Transactions Involving Advertising Services
(beginning)
1 January 2009
SIC-31
131
July 2004
Revenue – Barter Transactions Involving Advertising Services
(beginning)
1 January 2005
SIC-31
132
September 2007
[as amended to]
Intangible Assets – Web Site Costs
(beginning)
1 January 2009
SIC-32
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, 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.
Table 2: Other Australian Interpretations
Interpretation
Issue Date
Title
Application Date (annual reporting periods)
1001
December 2007
[as amended to]
Consolidated Financial Reports in relation to Pre-Date-of-Transition Dual Listed Company Arrangements
(beginning)
1 January 2009
1001
September 2007
[as amended to]
Consolidated Financial Reports in relation to Pre-Date-of-Transition Dual Listed Company Arrangements
(beginning)
1 January 2009
1001
July 2005
Consolidated Financial Reports in relation to Pre-Date-of-Transition Dual Listed Company Arrangements
(ending)
31 December 2005
1002
December 2007
[as amended to]
Post-Date-of-Transition Stapling Arrangements
(beginning)
1 January 2009
1002
September 2007
[as amended to]
Post-Date-of-Transition Stapling Arrangements
(beginning)
1 January 2009
1002
December 2005
Post-Date-of-Transition Stapling Arrangements
(ending)
31 December 2005
1003
November 2007
Australian Petroleum Resource Rent Tax
(ending)
30 June 2008
1013
December 2007
[as amended to]
Consolidated Financial Reports in relation to Pre-Date-of-Transition Stapling Arrangements
(beginning)
1 January 2009
1013
September 2007
[as amended to]
Consolidated Financial Reports in relation to Pre-Date-of-Transition Stapling Arrangements
(beginning)
1 January 2009
1013
April 2005
Consolidated Financial Reports in relation to Pre-Date-of-Transition Stapling Arrangements
(ending)
31 December 2005
1017
December 2007
[as amended to]
Developer and Customer Contributions for Connection to a Price-Regulated Network
(beginning)
1 January 2009
1017
September 2007
[as amended to]
Developer and Customer Contributions for Connection to a Price-Regulated Network
(beginning)
1 January 2009
1017
November 2004
Developer and Customer Contributions for Connection to a Price-Regulated Network
(beginning)
1 January 2005
1019
December 2007
[as amended to]
The Superannuation Contributions Surcharge
(beginning)
1 January 2009
1019
September 2007
[as amended to]
The Superannuation Contributions Surcharge
(beginning)
1 January 2009
1019
September 2004
The Superannuation Contributions Surcharge
(beginning)
1 January 2005
1030
September 2007
[as amended to]
Depreciation of Long-Lived Physical Assets: Condition-Based Depreciation and Related Methods
(beginning)
1 January 2009
1030
September 2004
Depreciation of Long-Lived Physical Assets: Condition-Based Depreciation and Related Methods
(beginning)
1 January 2005
1031
December 2007
[as amended to]
Accounting for the Goods and Services Tax (GST)
(beginning)
1 January 2009
1031
September 2007
[as amended to]
Accounting for the Goods and Services Tax (GST)
(beginning)
1 January 2009
1031
July 2004
Accounting for the Goods and Services Tax (GST)
(beginning)
1 January 2005
1038
December 2007
Contributions by Owners Made to Wholly-Owned Public Sector Entities
(beginning)
1 July 2008
1038
September 2007
[as amended to]
Contributions by Owners Made to Wholly-Owned Public Sector Entities
(beginning)
1 January 2009
1038
September 2004
Contributions by Owners Made to Wholly-Owned Public Sector Entities
(beginning)
1 January 2005
1039
December 2007
[as amended to]
Substantive Enactment of Major Tax Bills in Australia
(beginning)
1 January 2009
1039
September 2007
[as amended to]
Substantive Enactment of Major Tax Bills in Australia
(beginning)
1 January 2009
1039
July 2004
Substantive Enactment of Major Tax Bills in Australia
(beginning)
1 January 2005
1042
December 2007
[as amended to]
Subscriber Acquisition Costs in the Telecommunications Industry
(beginning)
1 January 2009
1042
September 2007
[as amended to]
Subscriber Acquisition Costs in the Telecommunications Industry
(beginning)
1 January 2009
1042
December 2004
Subscriber Acquisition Costs in the Telecommunications Industry
(beginning)
1 January 2005
1047
December 2007
[as amended to]
Professional Indemnity Claims Liabilities in Medical Defence Organisations
(beginning)
1 January 2009
1047
September 2007
[as amended to]
Professional Indemnity Claims Liabilities in Medical Defence Organisations
(beginning)
1 January 2009
1047
November 2004
Professional Indemnity Claims Liabilities in Medical Defence Organisations
(beginning)
1 January 2005
1052
December 2007
[as amended to]
Tax Consolidation Accounting
(beginning)
1 January 2009
1052
September 2007
[as amended to]
Tax Consolidation Accounting
(beginning)
1 January 2009
1052
June 2005
Tax Consolidation Accounting
(ending)
31 December 2005
1055
December 2007
[as amended to]
Accounting for Road Earthworks
(beginning)
1 January 2009
1055
September 2007
[as amended to]
Accounting for Road Earthworks
(beginning)
1 January 2009
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, 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.
