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AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 228

Purposive interpretation of standards

Objects of this Part

  (1)   In interpreting an applicable standard made or formulated by the AASB, a construction that would promote the objects of this Part   is to be preferred to a construction that would not promote those objects.

Note:   Section   224 states the main objects of this Part.

Purposes or objects of particular standard

  (2)   In interpreting an applicable standard made or formulated by the AASB, a construction that would promote a purpose or object of the standard (to the extent to which it is not inconsistent with the objects of this Part) is to be preferred to a construction that would not promote that purpose or object. This is so even if the purpose or object is not expressly stated in the standard.


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