Companies Act 2014 section 1400

Statutory financial statements

Section 1400 deals with the ability of investment companies to use alternative bodies of accounting standards (ABAS) when preparing their statutory financial statements, and sets out which jurisdictions' standards qualify and the consultation requirements before new standards may be prescribed.

• Investment companies may use alternative accounting standards from specified jurisdictions to give a true and fair view in both entity and group financial statements, provided this does not conflict with Part 6 of the Act
• Qualifying alternative standards are those from the United States, Canada, Japan, or any other state or territory prescribed by the Minister by regulation
• The Minister must consult the Central Bank and the Supervisory Authority (IAASA) before making regulations to prescribe additional jurisdictions or standard-setting bodies
• Transitional provisions ensure that regulations made under the former Companies Act 1990 designating alternative accounting standard-setters remain in force and may be amended or revoked under this section