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 All UIG Abstracts have been withdrawn.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 and Application 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 National Institute of Accountants, and as such must be consistently applied in the preparation and presentation of general purpose financial statements. Interpretations (like the Abstracts) 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.

AASB & UIG Interpretations

Note:
Table 1 lists in numeric order the most recent Interpretations. Some of the Interpretations in Table 1 will apply to future reporting periods, but may be applied early. Some of the Interpretations in Table 2 may apply to a current reporting period.

Where an Interpretation has been amended and a compiled version has been prepared, the compiled version is listed in Table 1 and the original Interpretation and any previous compiled version are listed in Table 2, together with amending Standards and Erratum documents. Amending Standards and Errata are retained in Table 1 until compiled versions of all the Interpretations they affect are uploaded.

The Notes column identifies when the Interpretation listed is a compiled version. The date shown in the Issue Date column is either the date the Interpretation was made 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.

Table 1 - AASB & UIG Interpretations

Distributions of Non-cash Assets to Owners

Table 2 - AASB & UIG Interpretations

Table 2 comprises:

• the original versions of those Interpretations for which a compiled version is included in Table 1;
• the Amending Standards whose amendments have been included in a compilation;
• Erratum documents whose amendments have been included in a compilation; and
• superseded Interpretations and compilations issued since July 2004.