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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 All UIG Abstracts have been withdrawn.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.

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.

AASB & UIG Interpretations

Int.
No.            
Title Notes Issue
Date
Operative
Date
1
Changes in Existing Decommissioning, Restoration and Similar Liabilities  
Jul 2015 1 Jan
2016
2
Members’ Shares in Co-operative Entities and Similar Instruments Jul 2015 1 Jan
2018
3
Emission Rights [withdrawn 9/05]
Mar 2005
4
Determining whether an Arrangement contains a Lease Aug 2015 1 Jan
2016
5

Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds Aug 2015 1 Jan
2018
6

Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment Aug 2015 1 Jan
2016
7 Applying the Restatement Approach under AASB 129 Financial Reporting in Hyperinflationary Economies Aug 2015 1 Jan
2016
9 Reassessment of Embedded Derivatives
Compiled Dec 2013 1 Jan
2014
10
Interim Financial Reporting and Impairment
Aug 2015 1 Jan
2018
12
Service Concession Arrangements
 
Aug 2015 1 Jan
2018
13
Customer Loyalty Programmes
Compiled Dec 2013 1 Jan
2014
14

AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction Aug 2015 1 Jan
2016
15 Agreements for the Construction of Real Estate Compiled Dec 2013 1 Jan
2014
16 Hedges of a Net Investment in a Foreign Operation Aug 2015 1 Jan
2018
17 Distributions of Non-cash Assets to Owners Aug 2015 1 Jan
2016
18 Transfers of Assets from Customers Dec
2013
1 Jan
2014
19 Extinguishing Financial Liabilities with Equity Instruments Aug 2015 1 Jan
2018
20 Stripping Costs in the Production Phase of a Surface Mine Aug 2015 1 Jan
2016
21 Levies Aug 2015 1 Jan
2016
107
Introduction of the Euro
Aug 2015 1 Jan
2018
110
Government Assistance – No Specific Relation to Operating Activities Aug 2015 1 Jan
2016
115
Operating Leases – Incentives
Aug 2015 1 Jan
2016
125
Income Taxes – Changes in the Tax Status of an Entity or its Shareholders Aug 2015 1 Jan
2016
127
Evaluating the Substance of Transactions Involving the Legal Form of a Lease Aug 2015 1 Jan
2018
129
Service Concession Arrangements: Disclosures Aug 2015 1 Jan
2016
131
Revenue – Barter Transactions Involving Advertising Services Compiled Dec 
2013
1 Jan
2014
132
Intangible Assets – Web Site Costs Aug 2015 1 Jan
2017
1003
Australian Petroleum Resource Rent Tax
Dec 2013 1 Jan
2014
1019
The Superannuation Contributions Surcharge Compiled Dec
2013
1 Jan
2014
1030

Depreciation of Long-Lived Physical Assets: Condition-Based Depreciation and Related Methods Compiled  Dec 2013 1 Jan
2014
1031
Accounting for the Goods and Services Tax (GST) Compiled  Dec
2013
1 Jan
2014
1038
Contributions by Owners Made to Wholly-Owned Public Sector Entities Dec
2013
1 Jan
2014
1042
Subscriber Acquisition Costs in the Telecommunications Industry Compiled  Dec 2013 1 Jan
2014
1047
Professional Indemnity Claims Liabilities in Medical Defence Organisations Compiled  Dec 2013 1 Jan
2014
1052

Tax Consolidation Accounting

Compiled Dec
2013
1 Jan
2014
1055
Accounting for Road Earthworks
Compiled  Dec 2013 1 Jan
2014

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
2018
2014-1 Amendments to Australian Accounting Standards
[Operative dates:  Parts A-C – 1 Jul 2014;
Part D – 1 Jan 2016; Part E – 1 Jan 2018]
Jun 2014 Refer Title column
2014-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014) Extra Dec 2014 1 Jan 2018

Recent Amending Standards and Errata affecting Interpretations (fully compiled)

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