Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p60
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 146998–149725

by way of a payment of a charge imposed by the corporation in connection with the performance by the corporation of an obligation imposed by this Act or by any corresponding law, being a charge imposed in accordance with this Act or with that corresponding law, as the case may be; or
     (d) incurred or became liable to any necessary expense in connection with the doing of any act or thing mentioned in paragraph (a) or (b) or in connection with the performance of an obligation imposed on the corporation or an officer of the corporation by this Act or by any corresponding law.

Approved accounting standards
"266b. (1) The Board may, by notice in writing published in the Gazette, approve an accounting standard for the purposes of this Part.
"(2) The Board shall specify in a notice published under sub-section (1) a place at which copies of the accounting standard to which the notice relates may be purchased, but failure of the Board to do so does not affect the validity of the notice.
"(3) The Ministerial Council may, within 60 days after an accounting standard has been approved under sub-section (1), disallow the accounting standard and, if the Ministerial Council does so, it shall—
     (a) within 2 business days after disallowing the accounting standard, give to the Board a notice in writing stating that the accounting standard has been disallowed; and
     (b) as soon as practicable after disallowing the accounting standard, cause a copy of the notice given to the Board under paragraph (a) to be published in the Gazette.
"(4) The Board may, by notice in writing published in the Gazette, revoke an approved accounting standard.
"(5) The Ministerial Council may, within 60 days after an approved accounting standard has been revoked under sub-section (4), disallow the revocation and, if the Ministerial Council does so, it shall—

     (a) within 2 business days after disallowing the revocation, give to the Board a notice in writing stating that the revocation has been disallowed; and
     (b) as soon as practicable after disallowing the revocation, cause a copy of the notice given to the Board under paragraph (a) to be published in the Gazette.

Application of approved accounting standards
"266c. (1) Subject to this section, an approved accounting standard applies—
     (a) in a case to which paragraph (b) does not apply—in relation to the first financial year of a company that commences after the day on which the accounting standard is approved under sub-section 266b (1) and in relation to subsequent financial years of the company; or
     (b) if the accounting standard is expressed to apply in relation to financial years of companies that end after—
          (i) the day on which