Accounting Standards Act · s 12

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

12.
Authority to establish accounting standards
(1) The Authority may establish one or more accounting standards about the following —
(a) the statements of standard accounting practice applicable to statutory bodies; and
(b) the content of financial statements and annual reports required to be prepared by statutory bodies.
(2) Before establishing an accounting standard under subsection (1), the Authority shall have regard to relevant accounting standards issued by the Council under this Act or by any appropriate professional bodies.
(3) The Authority may establish an accounting standard under this
Part —
(a) by issuing the text of an accounting standard, which may or may not be an accounting standard made or formulated by the Council under Part 4; or
(b) by modifying the text of any accounting standard referred to in paragraph (a) to the extent necessary to take account of the legal or institutional environment for statutory bodies.

Accounting Standards
(4) An accounting standard established under subsection (1) applies to such periods as may be specified in the standard.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 12Authority to establish accounting standards

(1)

The Authority may establish one or more accounting standards about the following —

(a)

the statements of standard accounting practice applicable to statutory bodies; and

(b)

the content of financial statements and annual reports required to be prepared by statutory bodies.

(2)

Before establishing an accounting standard under subsection (1), the Authority shall have regard to relevant accounting standards issued by the Council under this Act or by any appropriate professional bodies.

(3)

The Authority may establish an accounting standard under this

Part —

(a)

by issuing the text of an accounting standard, which may or may not be an accounting standard made or formulated by the Council under Part 4; or

(b)

by modifying the text of any accounting standard referred to in paragraph (a) to the extent necessary to take account of the legal or institutional environment for statutory bodies.

Accounting Standards

(4)

An accounting standard established under subsection (1) applies to such periods as may be specified in the standard.