Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p82
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 82/212)
Character Range: 216671–219549

to in paragraph (b).".

Section 288:

  Repeal the section, substitute:

SCHEDULE 1—continued

Application of accounting standards approved under a corresponding previous law

"288. (1) This section applies in relation to an accounting standard (in this section called the 'approved standard') that was at the commencement of this Part an approved accounting standard within the meaning of a previous law of this jurisdiction corresponding to this Part.

"(2) As from that commencement, the approved standard has effect, with such modifications as the circumstances require, as if it were an accounting standard as defined in section 9.

"(3) In so far as it has effect because of subsection (2), the approved standard applies to a financial year of a body corporate if, and only if, it would apply in relation to that financial year for the purposes of the previous law referred to in subsection (1) if that law still applied and the body were a company within the meaning of that law.

"(4) Subsection (3) has effect despite section 285 but subject to an accounting standard as defined in section 9.

"(5) Subsection 8 (3) does not apply in relation to a reference in this section to a provision of this Law.".

Subsection 291 (1):

  Before "law" insert "previous".

Paragraph 300 (1) (b):

  Before "law" insert "previous".

Subsection 300 (2):

  Before "law" (wherever occurring) insert "previous".

Paragraph 304 (1) (b) and section 307:

  After "another company" insert "or of a recognised company".

Subparagraphs 307 (c) (i) and (ii):

  After "corresponding" insert "previous".

Subsection 308 (5):

  After "corresponding" insert "previous".

Subsection 314 (1):

  Before "law" insert "previous".

Paragraph 314 (2) (b):

  Omit the paragraph, substitute:

   "(b) there were specified in it, instead of the specified requirements

SCHEDULE 1—continued

     of the previous law, the corresponding requirements of this Law.".

Subsection 317 (1):

  After "corresponding" (wherever occurring) insert "previous".

Section 322:

  Repeal the section, substitute:

Continued application to Division 2 company of requirements of corresponding previous law

  "322. (1) Where:

     (a) a body corporate is taken to be registered as a company under Division 2 of Part 2.2; and

     (b) as at the start of the company's registration day, a person (being the company or anyone else) had not fully complied, in relation to the company in relation to a financial year of the company that ended before that day, with the requirements of a previous law corresponding to a provision of this Part (other than sections 289 and 290) or Part 3.7;

subsections (2) and (3) of this section apply, subject to this Law, on and after that day.

"(2) The person must comply with those requirements as if, in the previous law referred to in paragraph (1) (b):

     (a) a reference to