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Corporations Bill 2001

Part 2M.5 Accounting standards


334   Accounting standards

AASB’s power to make accounting standards

             (1)  The AASB may make accounting standards for the purposes of this Act. The standards must be in writing and must not be inconsistent with this Act or the regulations.

             (2)  A standard made under subsection (1) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901 .

Note:          Section 5C provides that the Acts Interpretation Act 1901 (as in force on 1 November 2000) applies to this Act.

             (4)  An accounting standard applies to:

                     (a)  periods ending after the commencement of the standard; or

                     (b)  periods ending, or starting, on or after a later date specified in the standard.

             (5)  A company, registered scheme or disclosing entity may elect to apply the accounting standard to an earlier period unless the standard says otherwise. The election must be made in writing by the directors.

335   Equity accounting

                   This Chapter (and, in particular, the provisions on consolidation of financial statements) does not prevent accounting standards from incorporating equity accounting principles.

337   Interpretation of accounting standards

                   In interpreting an accounting standard, unless the contrary intention appears:

                     (a)  expressions used in the standard have the same meaning as they have in this Chapter; and

                     (b)  the provisions of Part 1.2 apply as if the standard’s provisions were provisions of this Chapter.

339   Evidence of text of accounting standard

             (1)  This section applies to a document that purports to be published by or on behalf of the AASB or ASIC and to set out the text of:

                     (a)  a specified standard as in force at a specified time under section 334; or

                     (b)  a specified provision of a standard of that kind.

It also applies to a copy of a document of that kind.

             (2)  In the absence of evidence to the contrary, a document to which this section applies is proof in proceedings under this Act that:

                     (a)  the specified standard was in force at that time under that section; and

                     (b)  the text set out in the document is the text of the standard referred to in paragraph (1)(a) or the provision referred to in paragraph (1)(b).