Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 285

285. (1) Except so far as the contrary intention appears in an accounting
standard, an accounting standard applies to:

   (a)  the first financial year of a body corporate that ends after the
        commencement of the last-mentioned accounting standard; and

   (b)  later financial years of the body corporate.

(2) Despite anything in an accounting standard, but subject to subsection (4),
an accounting standard does not apply to a financial year of a body corporate
ending before the commencement of the last-mentioned accounting standard.

(3) A company's directors may elect in writing that an accounting standard
that, apart from subsection (4), does not apply to a particular financial year
of the company shall apply to that financial year.

(4) An election under subsection (3) has effect accordingly.