Office of the AASB’s functions and powers
226A Office of the AASB’s functions and powers
The Office of the AASB has the following functions:
to make such arrangements as are necessary to give effect to the decisions of the AASB;
to provide technical services to the AASB;
to provide administrative services to the AASB;
to provide information to the AASB;
to advise the AASB about the performance of any of the AASB’s functions;
to make resources and facilities (including meeting facilities, communication facilities and secretariat services) available to the AASB;
such other functions as are conferred on the Office by this Act;
to do anything incidental to, or conducive to, the performance of any of the above functions.
The Office of the AASB has power to:
establish committees, advisory panels and consultative groups; and
receive money contributed towards its or the AASB’s operating costs; and
do anything else that is necessary for, or reasonably incidental to, the performance of its functions.
13 Subsection 227(1) (notes 1 and 2)
Repeal the notes, substitute:
The AASB was established by subsection 226(1) of the Australian Securities and Investments Commission Act 1989 and is continued in existence by section 261 of this Act.
The standards made under paragraph (b) are given legal effect by the Corporations Act. The standards formulated under paragraph (c) do not have legal effect under the Corporations Act itself but may be applied or adopted by some other authority.
See section 224 and sections 228 to 233 for the framework within which the AASB is to formulate and make accounting standards.
14 Subsection 227(3)
Repeal the subsection, substitute:
Power to establish committees etc.
The AASB has power to establish committees, advisory panels and consultative groups.
15 After section 227
Insert:
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