THE CORPORATIONS LAW

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT

PART 2M.5 - ACCOUNTING STANDARDS

SECTION 334   ACCOUNTING STANDARDS  

334(1)  AASB's power to make accounting standards.  

The AASB may make accounting standards for the purposes of this Law. The standards must be in writing and must not be inconsistent with this law or the Regulations.

334(2)  (Disallowable instrument)  

Section 46A of the Acts Interpretation Act 1901 of the Commonwealth applies to a standard made under subsection (1) as if it were a disallowable instrument for the purposes of that section.

334(3)  (Repealed by No 156 of 1999, Sch 3, Pt 8 (effective 1 January 2000).)

334(4)  (Standard applies)  

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)  [Election]  

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.