Section 12
Authority to establish accounting standards
(1)
The Authority may establish one or more accounting standards about the following —
(a)
the statements of standard accounting practice applicable to statutory bodies; and
(b)
the content of financial statements and annual reports required to be prepared by statutory bodies.
(2)
Before establishing an accounting standard under subsection (1), the Authority shall have regard to relevant accounting standards issued by the Council under this Act or by any appropriate professional bodies.
(3)
The Authority may establish an accounting standard under this
Part —
(a)
by issuing the text of an accounting standard, which may or may not be an accounting standard made or formulated by the Council under Part 4; or
(b)
by modifying the text of any accounting standard referred to in paragraph (a) to the extent necessary to take account of the legal or institutional environment for statutory bodies.
Accounting Standards
B.L.R.O. 7/2023 13
(4)
An accounting standard established under subsection (1) applies to such periods as may be specified in the standard.