Document ID: chunk:federal_register_of_legislation:F2024L01482:front:0:p5
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8 Accounting Policies, Changes in Accounting Estimates and Errors and in AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors, and in other Standards.

Accounting Standard AASB 1048

The Australian Accounting Standards Board makes Accounting Standard AASB 1048 Interpretation of Standards (November 2024) under section 334 of the Corporations Act 2001.

Keith Kendall
Dated 7 November 2024 Chair – AASB

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 conceptual framework pronouncements to ensure the effectiveness of references in Australian Accounting Standards to Australian Interpretations and to the Framework for the Preparation and Presentation of Financial Statements (Framework) and the Conceptual Framework for Financial Reporting (Conceptual Framework). AASB and UIG Interpretations are referred to collectively in this Standard as Australian Interpretations.
          AusCF1 AusCF paragraphs included in this Standard apply only to:
               (a) not-for-profit entities; and
               (b) for-profit entities that are not applying the Conceptual Framework for Financial Reporting (as identified in this Standard).
          Such entities are referred to as 'AusCF entities'. For AusCF entities, the term 'reporting entity' is defined in AASB 1057 Application of Australian Accounting Standards and Statement of Accounting Concepts SAC 1 Definition of the Reporting Entity also applies. For-profit entities applying the Conceptual Framework for Financial Reporting (as set out in paragraph Aus1.1 of the Conceptual Framework) shall not apply AusCF paragraphs.

Application
2 This Standard applies to annual reporting periods ending on or after 31 December 2024.
3 This Standard may be applied to annual reporting periods that end before 31 December 2024.

Interpretations
4 This Standard refers to all Australian Interpretations currently approved by the AASB and applicable to any period[1] specified in paragraph 2 (by either mandatory or early application), classified according to whether they correspond to Interpretations adopted by the International Accounting Standards Board (IASB).
5 For ease of presentation, the Australian Interpretations are set out in two separate tables: in paragraph 6, Table 1 lists those corresponding to IASB Interpretations and, in paragraph 8, Table 2 lists the other Interpretations. Each 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
6 An entity shall apply each relevant Australian Interpretation listed in Table 1 below.
Table 1: Australian Interpretations corresponding to IASB Interpretations
Interpretation                                                             Title                                                                                                    Application Date            IFRIC or SIC Interp'n
Issue Date                                                                                                                                                                          (annual reporting periods)