Accounting standards
334 Accounting standards
AASB’s power to make accounting standards
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.
An accounting standard applies to:
periods ending after the commencement of the standard; or
periods ending, or starting, on or after a later date specified in the standard.
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.
This provision refers to the regulations (the regulations
). Made under this Act:
- Corporations Regulations 2001 · under s 1364
115 more instruments made under this Act are listed on the Act’s overview.
This Act’s bill:Explanatory memorandumSecond reading speech
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