Accounting Standards Act · 2023 Revised Edition · Part · Accounting Standards for Statutory Bodies
12. Authority to establish accounting standards
Official textFrom Attorney General's Chambers, unchanged
The Authority may establish one or more accounting standards about the following —
Authority
“Authority” means such person as is appointed by His Majesty the Sultan and Yang Di-Pertuan under section 3(1) to be the Authority for the purposes of this Act;
the statements of standard accounting practice applicable to statutory bodies; and
the content of financial statements and annual reports required to be prepared by statutory bodies.
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.
accounting standard
“accounting standard” means — (a) an accounting standard made or formulated by the Council under Part 4; or (b) an accounting standard for statutory bodies established by the Authority under Part 5;
The Authority may establish an accounting standard under this
Part —
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
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
An accounting standard established under subsection (1) applies to such periods as may be specified in the standard.
Terms defined in s 2
accounting standard
Defined · s 2“accounting standard” means — (a) an accounting standard made or formulated by the Council under Part 4; or (b) an accounting standard for statutory bodies established by the Authority under Part 5;
Authority
Defined · s 2“Authority” means such person as is appointed by His Majesty the Sultan and Yang Di-Pertuan under section 3(1) to be the Authority for the purposes of this Act;
Council
Defined · s 2“Council” means the Accounting Standards Council established under section 4;
Part