Treasury Laws Amendment (2023 Measures No. 1) Act 2023 (101 of 2023)

Schedule 2   Sustainability standards

Australian Securities and Investments Commission Act 2001

19   Subsections 227(4) and (5)

Repeal the subsections, substitute:

Manner of making or formulating standards

(4) Without limiting subsection (1), the AASB:

(a) may make or formulate an accounting standard by issuing the text of an international accounting standard; and

(b) may formulate a sustainability standard by issuing the text of an international sustainability standard.

(5) The text of an international standard referred to in subsection (4) may be modified:

(a) to the extent necessary to take account of the Australian legal or institutional environment; and

(b) in particular, to ensure that any disclosure and transparency provisions in the standard are appropriate to the Australian legal or institutional environment.

Manner of participating in the development of international standards

(6) Without limiting paragraph (1)(d), the AASB may distribute for consultation the text of:

(a) a draft international accounting standard; or

(b) a draft international sustainability standard;

(whether or not modified to take account of the Australian legal or institutional environment).