New version of AASB 1048 Interpretation of Standards issued

Friday, November 22, 2024

AASB 1048 gives legal effect to amended versions of Interpretations and also updates references in other Standards to amended Interpretations and conceptual framework pronouncements.

AASB 1048 (November 2024) supersedes and repeals the previous version of AASB 1048, issued in December 2020.

The main differences between the previous version and this version include:

• 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Interpretation 1047 Professional Indemnity Claims Liabilities in Medical Defence Organisations, which has been superseded by AASB 17 Insurance Contracts;
• 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
• 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.

This version of AASB 1048 applies to annual reporting periods ending on or after 31 December 2024. Earlier adoption is permitted.