Accounting Standards Act 2007 · 2020 Revised Edition · Part 4 · Accounting Standards for Statutory Bodies
11. Accountant-General to establish accounting standards
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The Accountant-General may establish one or more accounting standards about the following:
the statements of standard accounting practice applicable to statutory bodies;
the content of financial statements and annual reports required to be prepared by statutory bodies.
Before establishing an accounting standard under subsection (1), the Accountant-General must have regard to relevant accounting standards issued by the Committee under this Act or by any appropriate professional bodies.
accounting standard
“accounting standard” means —(a)an accounting standard made or formulated by the Committee under Part 3; or(b)an accounting standard for statutory bodies established by the Accountant-General under Part 4;
The Accountant-General may establish an accounting standard under this Part —
by issuing the text of an accounting standard, which may or may not be an accounting standard made or formulated by the Committee under Part 3; or
by modifying the text of any accounting standard mentioned in paragraph (a) to the extent necessary to take account of the legal or institutional environment for statutory bodies.
An accounting standard established under subsection (1) applies to any periods specified in the standard.