Document ID: chunk:federal_register_of_legislation:C2008A00061:clause:1_13
Version: federal_register_of_legislation:C2008A00061
Segment Type: clause
Provision Reference: sch 1 cl 13
Character Range: 4371–5009

13  Subsection 227(1) (notes 1 and 2)
Repeal the notes, substitute:

Note 1: The AASB was established by subsection 226(1) of the Australian Securities and Investments Commission Act 1989 and is continued in existence by section 261 of this Act.

Note 2: The standards made under paragraph (b) are given legal effect by the Corporations Act. The standards formulated under paragraph (c) do not have legal effect under the Corporations Act itself but may be applied or adopted by some other authority.

Note 3: See section 224 and sections 228 to 233 for the framework within which the AASB is to formulate and make accounting standards.