Section 334 — Corporations Act 2001 (Cth)

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.

Related sections

• s 332E — Exemption orders—class orders for transparency reporting auditors
• s 332F — Exemption orders—criteria for orders
• s 332G — Offences by members of audit firm
• s 335 — Equity accounting
• s 336 — Auditing standards
• s 336A — Sustainability standards

Research how courts apply s 334

BriefBridge searches Australian caselaw by meaning — every answer cited to the paragraph.