Accounting Standards Act 2007 · 2020 Revised Edition · Part 2 · Accounting Standards Committee
3. Functions of Authority relating to accounting standards
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The Authority is responsible —
for making or formulating statements of standard accounting practice (called in this Act accounting standards) applicable to companies for the purpose of the Companies Act 1967; and
making or formulating
“making or formulating”, in relation to any accounting standard, includes amending and revoking the accounting standard;
for making or formulating accounting standards applicable to any other entities specified in section 8(1),and must carry out those functions subject to the general or special directions of the Minister.
Minister
“Minister” means the Minister charged with the responsibility for finance;