Document ID: chunk:federal_register_of_legislation:C2008A00061:clause:2_8:p1
Version: federal_register_of_legislation:C2008A00061
Segment Type: clause
Provision Reference: sch 2 cl 8 (pt 1/2)
Character Range: 26558–29112

8  References in instruments

References to AASB or AUASB

(1) If:
 (a) an instrument (other than a standard or guidance) is in force immediately before the commencement time; and
 (b) the instrument contains a reference to the AASB;
the instrument has effect from the commencement time as if the reference were a reference to the Office of the AASB.

(2) If:
 (a) an instrument (other than a standard or guidance) is in force immediately before the commencement time; and
 (b) the instrument contains a reference to the AUASB;
the instrument has effect from the commencement time as if the reference were a reference to the Office of the AUASB.

(3) However, if:
 (a) an instrument (other than a standard or guidance) is in force immediately before the commencement time; and
 (b) the instrument relates to assets or liabilities covered by item 2 or 3 of this Schedule; and
 (c) the instrument refers to the AASB or the AUASB;
the reference is to be read as a reference to the Commonwealth as necessary to give effect to item 2 or 3 of this Schedule, as the case requires.

Minister and regulations may provide otherwise

(4) The Minister may, by writing, determine that subitem (1), (2) or (3):
 (a) does not apply in relation to a specified reference; or
 (b) applies as if:
 (i) in the case of subitem (1)—the reference in that subitem to the Office of the AASB were a reference to the Commonwealth; or
 (ii) in the case of subitem (2)—the reference in that subitem to the Office of the AUASB were a reference to the Commonwealth; or
 (iii) in the case of subitem (3)—the reference in that subitem to the Commonwealth were a reference to the Office of the AASB or the Office of the AUASB (as the case requires).
A determination under this subitem has effect accordingly.

(5) The regulations may provide that an instrument (other than a standard or guidance) containing a reference specified in a determination under paragraph (4)(a) has effect from the commencement time as if:
 (a) in the case of an instrument covered by subitem (1)—the reference were a reference to a specified person or body, other than the AASB or the Office of the AASB; or
 (b) in the case of an instrument covered by subitem (2)—the reference were a reference to a specified person or body, other than the AUASB or the Office of the AUASB; or
 (c) in the case of an instrument covered by subitem (3)—the reference were a reference to a specified person or body, other than the Commonwealth or:
 (i) the AASB or the Office of the AASB; or
 (ii) the AUASB or the Office of the