Federal Register of Legislation
Governance Review Implementation (AASB and AUASB) Act 2008
No. 61, 2008
An Act to amend the Australian Securities and Investments Commission Act 2001, and for related purposes
Contents 1 Short title 2 Commencement 3 Schedule(s)
Schedule 1—Amendments Australian Securities and Investments Commission Act 2001
Schedule 2—Transitional provisions
Part 1—Definitions
Part 2—Assets, liabilities and legal proceedings
Part 3—Reference to, and things done by or in relation to, the AASB or the AUASB
Part 4—Staff and consultants
Part 5—Other matters
Governance Review Implementation (AASB and AUASB) Act 2008
No. 61, 2008
An Act to amend the Australian Securities and Investments Commission Act 2001, and for related purposes
[Assented to 30 June 2008]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Governance Review Implementation (AASB and AUASB) Act 2008.
2 Commencement
This Act commences on the first 1 July occurring on or after the day on which this Act receives the Royal Assent.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Amendments
Australian Securities and Investments Commission Act 2001
1 Subsection 5(1) Insert:
Office of the AASB means the Office of the Australian Accounting Standards Board.
2 Subsection 5(1) Insert:
Office of the AUASB means the Office of the Auditing and Assurance Standards Board.
3 Before section 225 Insert:
Subdivision A—The Financial Reporting Council
4 Paragraph 225(2)(b) Repeal the paragraph, substitute: (b) giving the AASB advice or feedback on the AASB's: (i) priorities; and (ii) business plans; and (iii) procedures; and (ba) giving the Office of the AASB advice or feedback on the Office's: (i) budgets; and (ii) staffing arrangements (including level, structure and composition of staffing); and
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