THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW

THE CORPORATIONS LAW   82 

The Corporations Law is as follows:...

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT

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History

Chapter 2M inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

PART 2M.5 - ACCOUNTING STANDARDS

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Part 2M.5 inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

SECTION 334   ACCOUNTING STANDARDS  

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334(1)  AASB's power to make accounting standards.  

The AASB may make accounting standards for the purposes of this Law. The standards must be in writing and must not be inconsistent with this law or the Regulations.

334(2)  (Disallowable instrument)  

Section 46A of the Acts Interpretation Act 1901 of the Commonwealth applies to a standard made under subsection (1) as if it were a disallowable instrument for the purposes of that section.

334(3) 

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(Repealed by No 156 of 1999, Sch 3, Pt 8 (effective 1 January 2000).)

334(4)  (Standard applies)  

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.

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S 334(4)(b) amended by No 156 of 1999, Sch 8 (effective 1 July 1998).

334(5)  [Election]  

A company, registered scheme 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.

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S 334 substituted by No 61 of 1998, Sch 1 (effective 1 July 1998).

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