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(Repealed by No 154 of 2007, s 3, Sch 4 [ 18].)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

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

336(2)    
(Repealed by No 154 of 2007, s 3, Sch 4 [ 21].)

336(3)    

An auditing standard applies to financial reports or sustainability 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.

336(4)    

If:

(a)    the AUASB makes an auditing standard; and

(b)    the standard applies to financial or sustainability reports in relation to particular periods under subsection (3) ; and

(c)    an auditor is conducting an audit of a financial or sustainability 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.

336(5)    

If:

(a)    the AUASB makes an auditing standard; and

(b)    the standard applies to sustainability reports in relation to particular periods under subsection (3) ; and

(c)    an auditor is conducting an audit of a sustainability 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.

SECTION 336A   SUSTAINABILITY STANDARDS  

336A(1)    
The AASB may, by legislative instrument, make sustainability standards for the purposes of this Act or the ASIC Act. The standards must not be inconsistent with this Act, the regulations or a legislative instrument made under this Act.

336A(2)    
A sustainability 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.

336A(3)    
A company, registered scheme, registrable superannuation entity or disclosing entity may elect to apply the sustainability standard to an earlier period unless the standard says otherwise. The election must be made in writing by the directors.

SECTION 337  

337   INTERPRETATION OF ACCOUNTING, AUDITING AND SUSTAINABILITY STANDARDS  

In interpreting an accounting, auditing or sustainability 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.

SECTION 338   EVIDENCE OF TEXT OF ACCOUNTING, AUDITING OR SUSTAINABILITY STANDARD  

338(1)    
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 , 336 or 336A ; 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)    
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).

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).)