Tax Laws Amendment (2010 Measures No. 1) Act 2010 (56 of 2010)
Schedule 5 Consolidation
Part 8 Accounting principles
Income Tax Assessment Act 1997
111 Subsection 995-1(1)
Insert:
accounting principles : A matter is in accordance with accounting principles if it is in accordance with:
(a) *accounting standards; or
(b) if there are no accounting standards applicable to the matter - authoritative pronouncements of the Australian Accounting Standards Board that apply to the preparation of financial statements.
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