Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 229

  (1)   Applicable 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.

  (3)   In formulating sustainability standards, the AASB:

  (a)   must have regard to the suitability of a proposed standard for different types of entities; and

  (b)   may apply different sustainability requirements to different types of entities.