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Interpretations

Introduction

Interpretations are issued by the AASB to provide requirements concerning urgent financial reporting issues. Since mid-2006, the AASB has direct responsibility for developing both Australian equivalents of IFRIC Interpretations and domestic Interpretations, thus replacing the former Urgent Issues Group (UIG).

AASB and UIG Interpretations apply no earlier than annual reporting periods beginning on or after 1 January 2005. The previous series of UIG Abstracts applied prior to then. All UIG Abstracts have been withdrawn.

AASB and UIG Interpretations are listed in Accounting Standard AASB 1048 Interpretation of Standards, giving them authority under the Corporations Act 2001 alongside the Standards. Interpretations (like the preceding Abstracts) are mandatory for members of CPA Australia, The Institute of Chartered Accountants in Australia and the Institute of Public Accountants, and as such must be consistently applied in the preparation and presentation of general purpose financial statements. Interpretations may also be given authority by other legislative or regulatory bodies, such as Commonwealth, State and Territory Treasuries or their equivalent.

The AASB formally approves or rejects proposed new Interpretations. A proposed Interpretation may be published on the web site for a period of time, but has no authority. An Interpretation approved by the AASB is now formally issued as an AASB Interpretation.

The published text of Interpretations and Abstracts can be purchased through the AASB's publications service.

Table of AASB & UIG Interpretations

This table lists in numeric order only the most recent version of each Interpretation. Some of these versions will apply to future reporting periods, but may be applied early. Use the Search pronouncements by reporting period page to find the version of each Interpretation that applies to any particular reporting period. Use the RDR early application versions page to find the non-mandatory RDR versions of Interpretations.

Where an Interpretation has been amended and a compiled version has been prepared, the compiled version is listed below. The original Interpretation and any previous compiled version can be found using the Browse for pronouncements page (select "no" for "Show only most recent"). Amending Pronouncements and Errata not yet fully compiled are listed below, as well as those that have been compiled for recent periods. Use the Search for a specific document page to find individual, or lists of, Amending Pronouncements and Errata.

The Notes column below identifies when the Interpretation listed is a compiled version. The date shown in the Issue Date column is either the date the Interpretation was approved by the AASB or the date of the most recent amendment by the AASB included in the compiled version. The Operative Date indicates the beginning (or end) of the first annual reporting period to which the Interpretation applies.

FP and NFP Versions

Some of the compiled versions listed below apply only to for-profit entities and some apply only to not-for-profit entities, as indicated by FP and NFP in the pronouncement number and by the title notes.  Separate FP and NFP versions are required due to the consolidation and joint arrangements set of Standards (including AASB 2011-7) being amended by AASB 2012-10 Amendments to Australian Accounting Standards – Transition Guidance and Other Amendments (December 2012) to apply to NFP entities for periods beginning on or after 1 January 2014, compared with 1 January 2013 for FP entities.  Standards and Interpretations amended by AASB 2011-7 thus also require FP and NFP versions.

Separate FP and NFP versions apply only to periods beginning on or after 1 January 2013 but before 1 January 2014.  For periods beginning on or after 1 January 2014, the FP version or an updated version will apply to both FP and NFP entities.

AASB & UIG Interpretations

Int.
No.            
Title Notes Issue
Date
Operative
Date
1
Changes in Existing Decommissioning, Restoration and Similar Liabilities Compiled
Jun
2009
1 Jan
2009
2
Members’ Shares in Co-operative Entities and Similar Instruments Compiled  Sep
2012
1 Jul
2013
3
Emission Rights [withdrawn 9/05]
Mar
2005
4
Determining whether an Arrangement contains a Lease Compiled  Sep
2012
1 Jul
2013
5 (FP)

Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds [for for-profit entities] Compiled  Dec 2012
1 Jul
2013
5 (NFP) Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds [for not-for-profit entities] Compiled
Dec 2012 1 Jul
2013
6

Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment Compiled  Sep
2007
1 Jan
2009
7 Applying the Restatement Approach under AASB 129 Financial Reporting in Hyperinflationary Economies Compiled Oct
2009
1 Jan
2009
9 (FP) Reassessment of Embedded Derivatives [for for-profit entities]
Compiled Dec 2012 1 Jan
2013
9 (NFP) Reassessment of Embedded Derivatives [for not-for-profit entities] Compiled Dec 2012 1 Jul
2009
10
Interim Financial Reporting and Impairment
Compiled  Oct
2009
1 Jan
2009
12
Service Concession Arrangements
Compiled
Dec 2012 1 Jan
2013
13
Customer Loyalty Programmes
Compiled Sep 2012 1 Jan
2013
14

AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction Compiled  Sep 2012 1 Jan
2013
15 Agreements for the Construction of Real Estate Compiled Jun
2010
1 Jul
2013
16 (FP) Hedges of a Net Investment in a Foreign Operation [for for-profit entities] Compiled  Dec 2012 1 Jan
2013
16 (NFP) Hedges of a Net Investment in a Foreign Operation [for not-for-profit entities] Compiled Dec 2012 1 Jan
2011
17 (FP) Distributions of Non-cash Assets to Owners [for for-profit entities] Compiled Dec 2012 1 Jul
2013
17 (NFP) Distributions of Non-cash Assets to Owners [for not-for-profit entities] Compiled Dec 2012 1 Jul
2013
18 Transfers of Assets from Customers Mar
2009
Ending
1 Jul
2009
19 Extinguishing Financial Liabilities with Equity Instruments Compiled Sep 2012 1 Jan
2013
20 Stripping Costs in the Production Phase of a Surface Mine Nov
2011
1 Jan
2013
21 Levies Jun
2013
1 Jan
2014
107
Introduction of the Euro
Compiled Jun
2009
1 Jul
2009
110
Government Assistance – No Specific Relation to Operating Activities Compiled  Sep
2007
1 Jan
2009
112
Consolidation – Special Purpose Entities
[superseded by AASB 10, as issued in August 2011]
Compiled  May
2011
1 Jul
2011
113
Jointly Controlled Entities – Non-Monetary Contributions by Venturers
[superseded by AASB 11, as issued in August 2011]
Compiled
May
2011
1 Jul
2011
115
Operating Leases – Incentives
Compiled  Oct
2010
1 Jan
2011
125
Income Taxes – Changes in the Tax Status of an Entity or its Shareholders Compiled  Jun
2009
1 Jan
2009
127
Evaluating the Substance of Transactions Involving the Legal Form of a Lease Compiled  Sep
2012
1 Jul
2013
129
Service Concession Arrangements: Disclosures Compiled  Jun
2010
1 Jul
2013
131
Revenue – Barter Transactions Involving Advertising Services Compiled Sep 
2012
1 Jan
2013
132
Intangible Assets – Web Site Costs Compiled  Sep 
2012
1 Jan
2013
1003
Australian Petroleum Resource Rent Tax
Nov
2007
Ending
30 Jun
2008
1019
The Superannuation Contributions Surcharge Compiled Dec
2007
1 Jan
2009
1030

Depreciation of Long-Lived Physical Assets: Condition-Based Depreciation and Related Methods Compiled  Sep
2007
1 Jan
2009
1031
Accounting for the Goods and Services Tax (GST) Compiled  Dec
2007
1 Jan
2009
1038
Contributions by Owners Made to Wholly-Owned Public Sector Entities Dec
2007
1 Jul
2008
1042
Subscriber Acquisition Costs in the Telecommunications Industry Compiled  Oct
2010
1 Jan
2011
1047
Professional Indemnity Claims Liabilities in Medical Defence Organisations Compiled  Dec
2007
1 Jan
2009
1052

Tax Consolidation Accounting

Compiled Jun
2010
1 Jul
2013
1055
Accounting for Road Earthworks
Compiled  Dec
2007
1 Jan
2009

Amending Standards and Errata affecting Interpretations (not yet fully compiled)

2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010)
[AASB 1, 3, 4, 5, 7, 101, 102, 108, 112, 118, 120, 121, 127, 128, 131, 132, 136, 137, 139, 1023 & 1038 and Interpretations 2, 5, 10, 12, 16, 19, 107 & 127]
Compiled  Sep
2012
1 Jan
2015
2011-7 (NFP) Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards 
[AASB 1, 2, 3, 5, 7, 101, 107, 112, 118, 121, 124, 132, 133, 136, 138, 139, 1023 & 1038 and Interpretations 5, 9, 16 & 17] [for not-for-profit entities]
Compiled Dec 2012 1 Jan 
2014
2013-9 Amendments to Australian Accounting Standards – Conceptual Framework, Materiality and Financial Instruments
[Operative dates:  Part A Conceptual Framework – 20 Dec 2013; Part B Materiality – 1 Jan 2014; Part C Financial Instruments – 1 Jan 2015] 
Dec 2013 Refer Title column
2014-1 Amendments to Australian Accounting Standards
[Operative dates:  Parts A-C – 1 Jul 2014;
Part D – 1 Jan 2016; Part E – 1 Jan 2015]
Jun 2014 Refer Title column

Recent Amending Standards and Errata affecting Interpretations (fully compiled)

2010-2 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements
[AASB 1, 2, 3, 5, 7, 8, 101, 102, 107, 108, 110, 111, 112, 116, 117, 119, 121, 123, 124, 127, 128, 131, 133, 134, 136, 137, 138, 140, 141, 1050 & 1052 and Interpretations 2, 4, 5, 15, 17, 127, 129 & 1052]
Jun
2010
1 Jul 
2013
2011-7 (FP) Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards 
[AASB 1, 2, 3, 5, 7, 101, 107, 112, 118, 121, 124, 132, 133, 136, 138, 139, 1023 & 1038 and Interpretations 5, 9, 16 & 17] [for for-profit entities]
Compiled Dec 2012 1 Jan 
2013
2011-8 Amendments to Australian Accounting Standards arising from AASB 13
[AASB 1, 2, 3, 4, 5, 7, 101, 102, 108, 110, 116, 117, 118, 119, 120, 121, 128, 131, 132, 133, 134, 136, 138, 139, 140, 141, 1004, 1023 & 1038 and Interpretations 2, 4, 12, 13, 14, 17, 19, 131 & 132]
Compiled Sep 
2012
1 Jan
2013
2011-10 Amendments to Australian Accounting Standards arising from AASB 119 (September 2011)
[AASB 1, AASB 8, AASB 101, AASB 124, AASB 134, AASB 1049 & AASB 2011-8 and Interpretation 14]
Sep 
2011
1 Jan
2013
2012-5 Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle 
[AASB 1, AASB 101, AASB 116, AASB 132 & AASB 134 and Interpretation 2]
Jun 2012 1 Jan
2013
2012-9 Amendment to AASB 1048 arising from the Withdrawal of Australian Interpretation 1039 Dec 2012 1 Jan
2013
2012-10 Amendments to Australian Accounting Standards – Transition Guidance and Other Amendments
[AASB 1, 5, 7, 8, 10, 11, 12, 13, 101, 102, 108, 112, 118, 119, 127, 128, 132, 133, 134, 137, 1023, 1038, 1039, 1049 & 2011-7 and Interpretation 12]
Dec 2012 1 Jan
2013