Corporations Act. Australia
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Название: Corporations Act

Автор: Australia

Издательство: Проспект

Жанр: Юриспруденция, право

Серия:

isbn: 9785392086429

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СКАЧАТЬ A defendant bears an evidential burden in relation to the matters in subsection (4) — see subsection 13.3(3) of the Criminal Code.

      Part 2M.5 — Accounting and auditing standards

      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. The standards must not be inconsistent with this 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 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.

      335 Equity accounting

      This Chapter (and, in particular, the provisions on consolidation of financial statements) does not prevent accounting standards from incorporating equity accounting principles.

      336 Auditing standards

      AUASB’s power to make auditing standards

      (1) The AUASB may, by legislative instrument, make auditing standards for the purposes of this Act. The standards must not be inconsistent with this Act or the regulations.

      (3) An auditing standard applies to financial reports in relation 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.

      (4) If:

      (a) the AUASB makes an auditing standard; and

      (b) the standard applies to financial reports in relation to particular periods under subsection (3); and

      (c) an auditor is conducting an audit of a financial report in relation to a period that occurs before the start of the earliest of those periods;

      the auditor may elect to apply the auditing standard to that audit unless the standard says otherwise. The election must be recorded in the audit report.

      337 Interpretation of accounting and auditing standards

      In interpreting an accounting or auditing standard, unless the contrary intention appears:

      (a) expressions used in the standard have the same meanings as they have in this Chapter; and

      (b) the provisions of Part 1.2 apply as if the standard’s provisions were provisions of this Chapter.

      338 Evidence of text of accounting standard or auditing standard

      (1) This section applies to a document that purports to be published by, or on behalf of, the AASB or the AUASB and to set out the text of:

      (a) a specified standard as in force at a specified time under section 334 or 336; or

      (b) a specified provision of a standard of that kind.

      It also applies to a copy of a document of that kind.

      (2) In the absence of evidence to the contrary, a document to which this section applies is proof in proceedings under this Act that:

      (a) the specified standard was in force at that time under that section; and

      (b) the text set out in the document is the text of the standard referred to in paragraph (1)(a) or the provision referred to in paragraph (1)(b).

      Part 2M.6 — Exemptions and modifications

      340 Exemption orders — companies, registered schemes and disclosing entities

      (1) On an application made in accordance with subsection (3) in relation to a company, registered scheme or disclosing entity, ASIC may make an order in writing relieving any of the following from all or specified requirements of Parts 2M.2, 2M.3 and 2M.4 (other than Division 4):

      (a) the directors;

      (b) the company, scheme or entity;

      (c) the auditor.

      Note: For the criteria for making orders under this section, see section 342.

      (2) The order may:

      (a) be expressed to be subject to conditions; and

      (b) be indefinite or limited to a specified period.

      (3) The application must be:

      (a) authorised by a resolution of the directors; and

      (b) in writing and signed by a director; and

      (c) lodged with ASIC.

      (4) ASIC must give the applicant written notice of the making, revocation or suspension of the order.

      341 Exemption orders — class orders for companies, registered schemes and disclosing entities

      (1) ASIC may make an order in writing in respect of a specified class of companies, registered schemes or disclosing entities, relieving any of the following from all or specified requirements of Parts 2M.2, 2M.3 and 2M.4 (other than Division 4):

      (a) directors;

      (b) the companies, registered schemes or disclosing entities themselves;

      (c) auditors of the companies, registered schemes or disclosing entities.

      Note: For the criteria for making orders under this section, see section 342.

      (2) The order may:

      (a) be expressed to be subject to conditions; and

      (b) be indefinite or limited to a specified period.

      (3) Notice of the making, revocation or suspension of the order must be published in the Gazette.

      342 Exemption orders — criteria for orders for companies, registered schemes and disclosing entities

      (1) To make an order under section 340 or 341, ASIC must be satisfied that complying with the relevant requirements of Parts 2M.2, 2M.3 and 2M.4 would:

      (a) make the financial report or other reports misleading; or

      (b) be inappropriate in the circumstances; or

      (c) СКАЧАТЬ