314Accounting and auditing standards

#### 314 Accounting and auditing standards 314 Accounting and auditing standards > > (1) A reference in this Part (including provisions of the Corporations Act as applying under this Part) to accounting or auditing standards is a reference to— > > > > > (a) the accounting or auditing standards made for the purposes of the Corporations Act, except as provided by paragraphs (b) and (c); or > > > > > (b) the accounting or auditing standards referred to in paragraph (a) but as modified by the National Regulations; or > > > > > (c) the accounting or auditing standards prescribed by or determined under the National Regulations in substitution for all or any accounting or auditing standards referred to in paragraph (a). > > > (2) If an accounting or auditing standard referred to in subsection (1) (a) applies for the purposes of a particular provision of the Corporations Act, the accounting or auditing standard is (subject to subsection (1) (b) and (c)) taken to apply for the purposes of the corresponding provision of this Law (if any). > > > (3) The National Regulations may provide that an accounting or auditing standard referred to in subsection (1) (a) does not apply for the purposes of— > > > > > (a) this Law; or > > > > > (b) a particular provision of this Law; or > > > > > (c) a particular aspect or application of this Law; > > > > and may do so without substituting another accounting or auditing standard.