Document ID: chunk:federal_register_of_legislation:F2024L01482:front:0:p4
Version: federal_register_of_legislation:F2024L01482
Segment Type: other
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Character Range: 8799–12066

will refer to the version of this Standard that is in force from time to time. AASB 1048 itself will contain the direct references to the external documents and will be reissued periodically.
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.

Australian conceptual framework
In the Australian context, an Australian conceptual framework pronouncement, such as the Conceptual Framework for Financial Reporting and the Framework for the Preparation and Presentation of Financial Statements, also does not have the same legal status as a Standard (delegated legislation) and, like Interpretations, is treated as an 'external document' by the Acts Interpretation Act 1901 and the Legislation Act 2003.
The service Standard approach, as applied to the Australian conceptual framework, involves issuing this Standard to update references to conceptual framework pronouncements in other Standards. This approach preserves the status of such pronouncements as 'external documents' referred to in a Standard. It does not treat the pronouncements as delegated legislation or confer ambulatory status on the reference.

Comparison with international pronouncements
There is no International Accounting Standards Board (IASB) Standard that directly corresponds to AASB 1048. However, Table 1 in AASB 1048 (see paragraph 6) contains a list of Australian Interpretations identifying the corresponding IASB Interpretations.

Tier 1
For-profit entities complying with the Australian Interpretations designated in this Standard as corresponding to the IASB Interpretations also comply with the Interpretations referred to by the IASB in its definition of International Financial Reporting Standards (IFRS Accounting Standards).
Not-for-profit entities' compliance with IASB Interpretations will depend on whether any "Aus" paragraphs or Interpretations that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IASB Interpretations.

Tier 2
Entities preparing general purpose financial statements under Australian Accounting Standards – Simplified Disclosures (Tier 2) will not be in compliance with all IASB Interpretations.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Conceptual frameworks
In relation to references to the Conceptual Framework for Financial Reporting and the Framework for the Preparation and Presentation of Financial Statements in other Standards, the approach taken in this Standard to clarifying the applicable framework pronouncement ensures there is no difference between the version of the conceptual framework referred to in IAS 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