CHAPTER 2M
-
FINANCIAL REPORTS AND AUDIT
PART 2M.5
-
ACCOUNTING AND AUDITING STANDARDS
History
Pt 2M.5 heading substituted by No 103 of 2004, s 3, Sch 1, Pt 1
[
43] (effective 1 July 2004).
SECTION 334
ACCOUNTING STANDARDS
AASB
'
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.
History
S 334(1) amended by No 154 of 2007, s 3, Sch 4
[
16
-
17].
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(Repealed by No 154 of 2007, s 3, Sch 4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.
History
S 334(5) amended by No 29 of 2023, s 3, Sch 6[162] (effective 1 July 2023).
SECTION 335
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.
SECTION 336
AUDITING STANDARDS
AUASB
'
s power to make auditing standards
336(1)
The AUASB may, by legislative instrument, make auditing standards for the purposes of this Act. The standards must not be inconsistent with this Act or the regulations.
History
S 336(1) amended by No 154 of 2007, s 3, Sch 4
[
19] and
[
20].
S 336(1) inserted by No 103 of 2004, s 3, Sch 1, Pt 1
[
44].
336(2)
(Repealed by No 154 of 2007, s 3, Sch 4
[
21].)
336(3)
An auditing standard applies to financial reports in relation 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.
History
S 336(3) inserted by No 103 of 2004, s 3, Sch 1, Pt 1
[
44].
336(4)
If:
(a)
the AUASB makes an auditing standard; and
(b)
the standard applies to financial reports in relation to particular periods under subsection
(3)
; and
(c)
an auditor is conducting an audit of a financial report in relation to a period that occurs before the start of the earliest of those periods;
the auditor may elect to apply the auditing standard to that audit unless the standard says otherwise. The election must be recorded in the auditor
'
s report.
History
S 336(4) amended by No 76 of 2023, s 3, Sch 2[105] (effective 20 October 2023).
S 336(4) inserted by No 103 of 2004, s 3, Sch 1, Pt 1
[
44].
SECTION 337
337
INTERPRETATION OF ACCOUNTING AND AUDITING STANDARDS
In interpreting an accounting or auditing standard, unless the contrary intention appears:
(a)
expressions used in the standard have the same meanings 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.
History
S 337 substituted by No 103 of 2004, s 3, Sch 1, Pt 1
[
44] (effective 1 July 2004).
SECTION 338
EVIDENCE OF TEXT OF ACCOUNTING STANDARD OR AUDITING STANDARD
338(1)
[
Publication by AASB or AUASB]
This section applies to a document that purports to be published by, or on behalf of, the AASB or the AUASB and to set out the text of:
(a)
a specified standard as in force at a specified time under section
334
or
336
; or
(b)
a specified provision of a standard of that kind.
It also applies to a copy of a document of that kind.
338(2)
[
Proof]
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).
History
S 338 inserted by No 103 of 2004, s 3, Sch 1, Pt 1
[
44] (effective 1 July 2004).
SECTION 339
339
EVIDENCE OF TEXT OF ACCOUNTING STANDARD
(Repealed by No 103 of 2004, s 3, Sch 1, Pt 1
[
44] (effective 1 July 2004).)