Document ID: chunk:federal_register_of_legislation:C2025C00029:section:6:p2
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 6 (pt 2/2)
Character Range: 7692119–7693437

currency.
Note: For example, the regulations could require the use of a particular translation method and require consistency in the use of the translation method.
 (8) Regulations made for the purposes of subsection (7) may make provision in relation to a matter by applying, adopting or incorporating (with or without modifications) matter contained in any of the *accounting standards:
 (a) as in force or existing at a particular time; or
 (b) as in force or existing from time to time.

960‑85  Special rule about translation—events that happened before the current choice took effect

Australian resident required to prepare financial reports under section 292 of the Corporations Act 2001
 (1) If:
 (a) as the result of a choice (the current choice) made by you under item 1 of the table in subsection 960‑60(1), subsection 960‑80(1) requires that an amount be translated to the *applicable functional currency; and
 (b) the amount is attributable to an event that happened, or a state of affairs that came into existence, at a time (the event time) before the current choice took effect;
the table has effect:

Special rule about translation
Item                            In this case...                                                                                                    this is the result...