Div 13Accounting and auditing standards

Division 13 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.

315 Interpretation of accounting and auditing standards (cf Corporations Act s 337)

In interpreting an accounting or auditing standard, unless the contrary intention appears:

(a) expressions used in the standard have the same meanings as they have in this Part or in Chapter 2M of the Corporations Act, as the case requires; and

(b) the provisions of Part 1.2 of this Law or of Part 1.2 of the Corporations Act apply as if the standard’s provisions were provisions of this Part or Chapter 2M of the Corporations Act, as the case requires.