AASB 1048 - Interpretation and Application of Standards - September 2007

Compiled AASB Standard AASB 1048 Interpretation and Application of Standards This compiled Standard applies to annual reporting periods beginning on or after 1 January 2009 . Early application is permitted . It incorporates relevant amendments made up to and including 24 September 2007 . Prepared on 8 May 2014 by the staff of the Australian Accounting Standards Board. Obtaining Copies of Accounting Standards Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au. Printed copies of original Standards and amending Standards are available for purchase by contacting: The Customer Service Officer Australian Accounting Standards Board Level 7 600 Bourke Street Melbourne Victoria AUSTRALIA Postal address: PO Box 204 Collins St reet West Vic toria 8007 AUSTRALIA Phone: (03) 9617 7637 Fax: (03) 9617 7608 E-mail: publications@aasb. gov .au Website: www.aasb.gov.au Other Enquiries Phone: (03) 9617 7600 Fax: (03) 9617 7608 E-mail: standard@aasb. gov .au COPYRIGHT © 2014 Commonwealth of Australia 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. Requests and enquiries concerning reproduction and rights should be addressed to The Director of Finance and Administration, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007 . CONTENTS COMPILATION DETAILS 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. compilation details Accounting Standard AASB 1048 Interpretation and Application of Standards as amended This compiled Standard applies to annual reporting periods beginning on or after 1 January 2009 . It takes into account amendments up to and including 24 September 2007 and was prepared on 8 May 2014 by the staff of the Australian Accounting Standards Board (AASB). This compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 1048 ( September 2007 ) as amended by other Accounting Stan dards, which are listed in the T able below. Table of Standards Standard Date made Application date (annual reporting periods … on or after …) Application, saving or transitional provisions AASB 1048 5 Sep 2007 (ending) 30 Sep 20 07 see (a) below AASB 2007-8 24 Sep 2007 ( beginning ) 1 Jan 2009 see ( b ) below (a) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 that end before 30 September 2007. ( b ) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009, provided that AASB 101 Presentation of Financial Statements . is also adopted for the same period. Table of Amendments Paragraph affected How affected By … [paragraph] 2 amended AASB 2007-8 [7, 8] 5 amended AASB 2007-8 [8] Comparison with International Pronouncements AASB 1048 and IASB Pronouncements There is no International Accounting Standards Board (IASB) Standard that directly corresponds 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 as amended will simultaneously be in compliance with the Interpretations referred to by the IASB in its definition of International Financial Reporting Standards (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 AASB 101 Presentation of Financial Statements . ACCOUNTING STANDARD AASB 1048 The Australian Accounting Standards Board ma d e Accounting Standard AASB 1048 Interpretation and Application of Standards under section 334 of the Corporations Act 2001 on 5 September 2007 . This compiled version of AASB 1048 applies to annual reporting periods beginning on or after 1 January 2009 . It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 24 September 2007 (see Compilation Details). 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 end i ng on or after 3 0 September 200 7 . [Note: For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.] 4 This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 that end before 3 0 September 200 7 . 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 March 200 7 . 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 [ revised ] June 2007 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 2005 Members’ Shares in Co ‑ operative Entities and Similar Instruments (ending) 31 December 2005 IFRIC 2 4 [revised] 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 June 2005 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds (beginning) 1 January 2006 IFRIC 5 6 October 2005 Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment (beginning) 1 December 2005 IFRIC 6 7 February 2006 Applying the Restatement Approach under AASB 129 Financial Reporting in Hyper ­ inflationary Economies (beginning) 1 March 2006 IFRIC 7 8 March 2006 Scope of AASB 2 (beginning) 1 May 2006 IFRIC 8 9 April 2006 Reassessment of Embedded Derivatives (beginning) 1 June 2006 IFRIC 9 10 September 2006 Interim Financial Reporting and Impairment (beginning) 1 November 2006 IFRIC 10 11 February 2007 AASB 2 – Group and Treasury Share Transactions (beginning) 1 March 2007 IFRIC 11 12 [ revised ] June 2007 Service Concession Arrangements (beginning) 1 January 2009 IFRIC 12 12 February 2007 Service Concession Arrangements (beginning) 1 January 2008 IFRIC 12 13 August 2007 Customer Loyalty Programmes (beginning) 1 July 2008 IFRIC 13 14 August 2007 AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (beginning) 1 January 2008 IFRIC 14 107 July 2004 Introduction of the Euro (beginning) 1 January 2005 SIC-7 110 July 2004 Government Assistance – No Specific Relation to Operating Activities (beginning) 1 January 2005 SIC-10 112 December 2004 Consolidation – Special Purpose Entities (beginning) 1 January 2005 SIC-12 113 [ revised ] July 2007 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 July 2004 Operating Leases – Incentives (beginning) 1 January 2005 SIC-15 121 July 2004 Income Taxes – Recovery of Revalued Non-Depreciable Assets (beginning) 1 January 2005 SIC-21 125 July 2004 Income Taxes – Changes in the Tax Status of an Entity or its Shareholders (beginning) 1 January 2005 SIC-25 127 July 2004 Evaluating the Substance of Transactions Involving the Legal Form of a Lease (beginning) 1 January 2005 SIC-27 129 [revised] 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 July 2004 Revenue – Barter Transactions Involving Advertising Services (beginning) 1 January 2005 SIC-31 132 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. 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 July 2005 Consolidated Financial Reports in relation to Pre-Date-of-Transition Dual Listed Company Arrangements (ending) 31 December 2005 1002 December 2005 Post-Date-of-Transition Stapling Arrangements (ending) 31 December 2005 1013 April 2005 Consolidated Financial Reports in relation to Pre-Date-of-Transition Stapling Arrangements (ending) 31 December 2005 1017 November 2004 Developer and Customer Contributions for Connection to a Price-Regulated Network (beginning) 1 January 2005 1019 September 2004 The Superannuation Contributions Surcharge (beginning) 1 January 2005 1030 September 2004 Depreciation of Long-Lived Physical Assets: Condition-Based Depreciation and Related Methods (beginning) 1 January 2005 1031 July 2004 Accounting for the Goods and Services Tax (GST) (beginning) 1 January 2005 1038 September 2004 Contributions by Owners Made to Wholly-Owned Public Sector Entities (beginning) 1 January 2005 1039 July 2004 Substantive Enactment of Major Tax Bills in Australia (beginning) 1 January 2005 1042 December 2004 Subscriber Acquisition Costs in the Telecommunications Industry (beginning) 1 January 2005 1047 November 2004 Professional Indemnity Claims Liabilities in Medical Defence Organisations (beginning) 1 January 2005 1052 June 2005 Tax Consolidation Accounting (ending) 31 December 2005 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. However, an Interpretation shall not be applied to annual reporting periods beginning before 1 January 2005 .