Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:2_229
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 2 cl 229
Character Range: 522078–522739

229  Generic and specific standards

 (1) Accounting standards made or formulated by the AASB may:
 (a) be of general or limited application (including a limitation to specified bodies or undertakings); and
 (b) differ according to differences in time, place or circumstance.

 (2) In making and formulating accounting standards, the AASB:
 (a) must have regard to the suitability of a proposed standard for different types of entities; and
 (b) may apply different accounting requirements to different types of entities; and
 (c) must ensure that there are appropriate accounting standards for each type of entity that must comply with accounting standards.