AASB's power to make accounting standards

(1) The AASB may make accounting standards for the purposes of this Act. The standards must be in writing and must not be inconsistent with this Act or the regulations. (2) A standard made under subsection (1) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901 .

Note: Section 5C provides that the Acts Interpretation Act 1901 (as in force on 1 November 2000) applies to this Act.

(4) 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.

(5) 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.