G.2 Australian Interpretation 12

The Australian Accounting Standards Board (AASB) issued Interpretation 12 in February 2007 applicable for financial reporting periods commencing from 1 January 2008. It applies specifically to private operators (not Government grantors). Since AASB Interpretation 12 does not address accounting issues from the Government grantor's perspective, nor accommodate public sector specific issues, the AASB also established a specialist Interpretations Advisory Panel to make recommendations on unresolved concerns. The Panel's work has been somewhat merged into the work conducted under the banner of the IPSASB.