Corporations Act 2001
View history note
Hide history noteAASB ' s power to make accounting standards
334(1)
The AASB may, by legislative instrument, make accounting standards for the purposes of this Act. The standards must not be inconsistent with this Act or the regulations.
334(2)
(Repealed by No 154 of 2007, s 3, Sch 4 [ 18].)
[ CCH Note: There is no subsection 334(3).]
334(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.
334(5)
A company, registered scheme, registrable superannuation entity 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.
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