Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p61
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 149476–152307

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 the accounting standard is approved under sub-section 266b (1); or
          (ii) the expiration of a specified period after the day on which the accounting standard is approved under sub-section 266b (1),
      in relation to the first financial year of a company that ends after that day or the expiration of that period, as the case may be, and in relation to subsequent financial years of the company.
"(2) Subject to sub-section (3), where an approved accounting standard is expressed to replace another approved accounting standard, the other approved accounting standard does not apply in relation to the first financial year of a company in relation to which the first-mentioned approved accounting standard applies, or in relation to any subsequent financial year of the company.
"(3) Where an approved accounting standard that is expressed to replace another approved accounting standard ceases to be an approved accounting standard by reason that a copy of a notice stating that the accounting standard has been disallowed is published under paragraph 266b (3) (b), the other approved accounting standard applies in relation to the financial years of companies in relation to which it would have applied if the first-mentioned accounting standard had not been approved, but nothing in this sub-section alters the operation of the first-mentioned accounting standard during the period during which it was an approved accounting standard.
"(4) Subject to sub-section (5), where an approved accounting standard is revoked under sub-section 266b (4), the approved accounting standard does not apply—
     (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 approved accounting standard is so revoked, or in relation to any subsequent financial year of the company; or
     (b) if the revocation of the approved accounting standard is expressed to have effect in relation to financial years of companies that end after—
          (i) the day on which the approved accounting standard is so revoked; or
          (ii) the expiration of a specified period after the day on which the approved accounting standard is so revoked,
      in relation to the first financial year of a company that ends after that day or the expiration of that period, as the case may be, or in relation to any subsequent financial year of the company.
"(5) Where a copy of a notice stating that the revocation of an approved accounting standard has been disallowed is published under paragraph 266b