The Saga of a disallowed accounting standard

Groen, B; Lanis, R

The Saga of a disallowed accounting standard

Groen, B Lanis, R

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Publication Type:: Journal Article
Citation:: Australian Accounting Review, 2004, 14 (34), pp. 56 - 63
Issue Date:: 2004-01-01

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Field	Value	Language
dc.contributor.author	Groen, B	en_US
dc.contributor.author	Lanis, R https://orcid.org/0000-0002-1821-8345	en_US
dc.date.issued	2004-01-01	en_US
dc.identifier.citation	Australian Accounting Review, 2004, 14 (34), pp. 56 - 63	en_US
dc.identifier.issn	1035-6908	en_US
dc.identifier.uri	http://hdl.handle.net/10453/5317
dc.description.abstract	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.	en_US
dc.relation.ispartof	Australian Accounting Review	en_US
dc.relation.isbasedon	10.1111/j.1835-2561.2004.tb00241.x	en_US
dc.title	The Saga of a disallowed accounting standard	en_US
dc.type	Journal Article
utslib.citation.volume	34	en_US
utslib.citation.volume	14	en_US
utslib.for	150104 International Accounting	en_US
utslib.for	150103 Financial Accounting	en_US
utslib.for	1499 Other Economics	en_US
utslib.for	1501 Accounting, Auditing and Accountability	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Accounting Discipline
utslib.copyright.status	closed_access
pubs.issue	34	en_US
pubs.publication-status	Published	en_US
pubs.volume	14	en_US

Abstract:

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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http://hdl.handle.net/10453/5317