Document ID: chunk:federal_register_of_legislation:F2024L01482:front:0:p2
Version: federal_register_of_legislation:F2024L01482
Segment Type: other
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Character Range: 3277–6347

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 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 International Financial Reporting Standards (IFRS Accounting Standards). The IASB defines IFRS Accounting Standards to include both IFRIC and SIC Interpretations.
In the second group (Table 2), this Standard lists the other Australian Interpretations, which 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.
This Standard (see Tables 3 and AusCF3) also updates references to conceptual framework pronouncements in other Standards to refer to amended versions of the pronouncements, as identified in this Standard.
The Standard will be reissued or amended when necessary to keep the Tables up to date.

When does it apply?
This Standard is applicable to annual reporting periods ending on or after 31 December 2024 (see paragraph 2). Earlier application is permitted as specified in paragraph 3, subject to paragraphs 7, 9, 11 and AusCF11 of this Standard.

What are the changes?
This Standard (issued in November 2024) supersedes the previous version of AASB 1048, issued in December 2020.
The main differences between the previous version and this version include:
      1.                     the removal from the tables of versions of Interpretations and conceptual framework pronouncements that do not apply to any of the reporting periods to which this Standard mandatorily applies (see paragraph 2), including Interpretation 1047 Professional Indemnity Claims Liabilities in Medical Defence Organisations, which has been superseded by AASB 17 Insurance Contracts;
      2.                    the addition of amended versions of Interpretations in Tables 1 and 2, where applicable to any reporting period to which this Standard mandatorily applies. This reflects amended versions of Interpretations arising as a result of the consequential amendments in Appendix D of AASB 18 Presentation and Disclosure in Financial Statements and the editorial corrections set out in AASB 2021-7 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections; and
      3.                     the addition of an amended version of the Conceptual Framework for Financial Reporting in Table 3 as a result of an editorial correction set out in AASB 2021-7.

Why have we issued this Standard?
This Standard clarifies that all Australian Interpretations have the same authoritative status. Those that incorporate the IASB Interpretations must be applied