Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS, SUSTAINABILITY REPORTS AND AUDIT  

PART 2M.5 - ACCOUNTING, SUSTAINABILITY AND AUDITING STANDARDS  

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 or the ASIC Act. The standards must not be inconsistent with this Act, the ASIC Act or the regulations.

334(2)    
(Repealed by No 154 of 2007, s 3, Sch 4 [ 18].)

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.