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AASB Standard                AASB 1048
                             November 2024
Interpretation of Standards

Obtaining a copy of this Accounting Standard
This Standard is available on the AASB website: www.aasb.gov.au.

Australian Accounting Standards Board
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au

COPYRIGHT

© Commonwealth of Australia 2024

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. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgement of the source. Requests and enquiries concerning reproduction and rights should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

ISSN 1036-4803

Contents

Preface
comparison with international pronouncements
ACCOUNTING STANDARD
AASB 1048 INTERPRETATION OF STANDARDS

from paragraph
Objective 1
Application 2
Interpretations 4
Australian Interpretations corresponding to IASB Interpretations 6
Other Australian Interpretations 8
Conceptual Framework 10
Commencement of the legislative instrument 12
Withdrawal of AASB pronouncements 13

Australian Accounting Standard AASB 1048 Interpretation of Standards (November 2024) is set out in paragraphs 1–13. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. AASB 1048 is to be read in the context of other Australian Accounting Standards, including AASB 1057 Application of Australian Accounting Standards. 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) is an Australian Government entity under the Australian Securities and Investments Commission Act 2001. The AASB develops, issues and maintains Australian Accounting Standards, including Interpretations. These are to be applied by:
 1.                     entities required by the Corporations Act 2001 to prepare financial reports;
 2.                    governments in preparing financial statements for the whole of government and the General Government Sector (GGS); and
 3.                     entities in the private or public for-profit or not-for-profit sectors that are reporting entities or that prepare general purpose financial statements.
AASB 1053 Application of Tiers of Australian Accounting Standards establishes a differential reporting framework consisting of two tiers of reporting requirements for preparing general purpose financial statements:
 1.                     Tier 1: Australian Accounting Standards; and
 1.                    Tier 2: Australian Accounting Standards – Simplified Disclosures.

What does this Standard require?
This Standard identifies the Australian Interpretations and classifies them into two groups: those that correspond to an International Accounting Standards Board (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