Document ID: chunk:federal_register_of_legislation:C2025C00185:section:334
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 334
Character Range: 1345271–1345980

334  Accounting standards

AASB's power to make accounting standards
 (1) The AASB may, by legislative instrument, make accounting standards for the purposes of this Act or the ASIC Act. The standards must not be inconsistent with this Act, the ASIC Act or the regulations.
 (4) An accounting standard applies to:
 (a) periods ending after the commencement of the standard; or
 (b) periods ending, or starting, on or after a later date specified in the standard.
 (5) A company, registered scheme, registrable superannuation entity or disclosing entity may elect to apply the accounting standard to an earlier period unless the standard says otherwise. The election must be made in writing by the directors.