Document ID: chunk:federal_register_of_legislation:C2004A04707:front:0:p12
Version: federal_register_of_legislation:C2004A04707
Segment Type: other
Provision Reference: 
Character Range: 28633–31669

any other exemption or modification power (for example, section 313 or 1084).".

27. Subsection 284(1):

  Omit the subsection.

28. Subsection 284(3):

  Omit the subsection, substitute:

"(3) Without limiting the generality of subsection (2), an accounting standard's application may be limited to specified bodies or undertakings.".

29. Paragraph 285(1)(a):

Omit "financial year of a body corporate", substitute "accounting period of a body or undertaking".

30. Paragraph 285(1)(b):

  Omit the paragraph, substitute:

  "(b) later accounting periods of the body or undertaking.".

31. Subsection 285(2):

Omit "a financial year of a body corporate", substitute "an accounting period of a body or undertaking".

32. Subsection 285(3):

  (a) Omit "A company's directors", substitute "A body or undertaking".

     (b) Omit "financial year of the company shall apply to that financial year", substitute "accounting period of the body or undertaking is to apply to that accounting period".

33. After subsection 285(3):

  Insert:

  "(3A) An election under subsection (3) is to be made:

  (a) in relation to a body—by the directors of the body; or

  (b) in relation to an undertaking—by the trustee or representative.".

34. After section 285:

  Insert:

Accounting standards to be made for the purposes of this Part and Part 3.7

"285A. Nothing in this Division is to be taken to allow the making of accounting standards otherwise than for the purposes of this Part and Part 3.7.".

SCHEDULE 1—continued

35. Subparagraph 289(1)(b)(ii):

  Insert "or reviewed" after "audited".

36. Section 292:

  Omit "A", substitute "Subject to section 293A, a".

37. Section 293:

  Omit "A", substitute "Subject to section 293A, a".

38. After section 293:

  Insert:

Sections 292 and 293 do not apply to half-year of chief entity

"293A.(1) Sections 292 and 293 do not apply to a half-year of a company if the company is a chief entity in relation to that half-year.

  "(2) However, subsections 294(2), (3) and (4) apply to that half-year:

     (a) as if the reference in subsection 294(1) to a company's accounts being made out under sections 292 and 293 in relation to an accounting period were instead a reference to the company's directors causing to be made out a consolidated profit and loss account and consolidated balance-sheet under sections 295A and 295B in relation to that half-year; and

  (b) subject to such modifications (if any) as are prescribed.".

39. Subsections 294A(1) and 294B(1):

  Omit "financial years", substitute "accounting periods".

40. Section 295B:

  Omit "year's" (wherever occurring), substitute "period's".

41. Subsection 296(1):

Omit "as required by this Part", substitute "or reviewed in accordance with this Law".

42. Subsection 296(2):

  Add at the end "or (3)".

43. Paragraph 300(1)(a):

  Omit "current year amount", substitute "current period amount".

44. Paragraph 300(1)(b):

  Omit the paragraph, substitute:

SCHEDULE 1—continued

    "(b) that section required the company's