Objective (AASB1048_11-24)

The objective of this Standard is to provide an up-to-date listing of Australian Interpretations and conceptual framework pronouncements to ensure the effectiveness of references in Australian Accounting Standards to Australian Interpretations and to the Framework for the Preparation and Presentation of Financial Statements (Framework) and the Conceptual Framework for Financial Reporting (Conceptual Framework). AASB and UIG Interpretations are referred to collectively in this Standard as Australian Interpretations.

AusCF paragraphs included in this Standard apply only to: 

(a)            not-for-profit entities; and 

(b)            for-profit entities that are not applying the Conceptual Framework for Financial Reporting (as identified in this Standard). 

Such entities are referred to as ‘AusCF entities’. For AusCF entities, the term ‘reporting entity’ is defined in AASB 1057 Application of Australian Accounting Standards and Statement of Accounting Concepts SAC 1 Definition of the Reporting Entity also applies. For-profit entities applying the Conceptual Framework for Financial Reporting (as set out in paragraph Aus1.1 of the Conceptual Framework) shall not apply AusCF paragraphs.