229Generic and specific standards

#### 229 Generic and specific standards (1) Accounting standards made or formulated by the AASB may: (a) be of general or limited application (including a limitation to specified bodies or undertakings); and (b) differ according to differences in time, place or circumstance. (2) In making and formulating accounting standards, the AASB: (a) must have regard to the suitability of a proposed standard for different types of entities; and (b) may apply different accounting requirements to different types of entities; and (c) must ensure that there are appropriate accounting standards for each type of entity that must comply with accounting standards.