Accounting Standards Act · s 4

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s 4Establishment and functions of Accounting Standards Council

(1)

There shall be established a body to be known as the Accounting

Standards Council whose functions shall be —

(a)

to make or formulate statements of standard accounting practice (referred to in this Act as accounting standards) applicable to companies for the purposes of the Companies Act (Chapter 39); and

Accounting Standards

(b)

to make or formulate accounting standards applicable to such other persons or classes of persons as are prescribed under section 9(1)(b).

(2)

In addition to the functions imposed by subsection (1), the Council may undertake such other functions (not inconsistent with those specified in subsection (1)) as the Minister may, by order published in the Gazette, assign to the Council and, in so doing —

(a)

the Council is deemed to be fulfilling the purposes of this Act;

and

(b)

the provisions of this Act apply to the Council in respect of those functions.