Tax Laws Amendment (2010 Measures No. 1) Act 2010 (56 of 2010)

Schedule 5   Consolidation

Part 8   Accounting principles

Income Tax Assessment Act 1997

111   Subsection 995-1(1)

Insert:

accounting principles : A matter is in accordance with accounting principles if it is in accordance with:

(a) *accounting standards; or

(b) if there are no accounting standards applicable to the matter - authoritative pronouncements of the Australian Accounting Standards Board that apply to the preparation of financial statements.