The Saga of a disallowed accounting standard

Publication Type:
Journal Article
Citation:
Australian Accounting Review, 2004, 14 (34), pp. 56 - 63
Issue Date:
2004-01-01
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In 2000, the Australian Senate disallowed two paragraphs of the accounting standard AASB 1015 Acquisition of Assets, an unprecedented action that sent shockwaves through the business community. As a consequence, a legal dispute erupted between ASIC and MYOB Limited in relation to the application of the disallowed paragraphs, culminating in a recent decision in the Victorian Supreme Court. This paper describes the circumstances surrounding the Senate’s decision and the ensuing legal action taken by ASIC against MYOB. It discusses the implications for accounting standard-setting in Australia, and the process by which an accounting standard is made by the AASB and may be disallowed in whole or in part by parliament. © 2004 CPA Australia.
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