Clause 76

in subsections (2) and (5), replace “subsections (12) to (15)” with “subsections (12) to (15A)”;

in subsection (12), replace “any requirement” with “all or any of the requirements”; and

replace subsection (15) with —“(15) The Minister may, by order in the Gazette, in respect of companies of a specified class or description, substitute the whole or any part of other accounting standards specified in the order for the whole or any part of the Accounting Standards, as specified in the order, and the provisions of this section and sections 207 and 209A apply accordingly in respect of such companies.(15A) The Minister may, by order in the Gazette, exempt the directors of any company that belongs to a specified class or description of companies, from having to ensure that the company’s financial statements or consolidated financial statements comply with all or any of the requirements of the Accounting Standards specified in the order.”.