Companies Act 2014 section 942A

Liability of prescribed body for acts, omissions etc.

Section 942A provides legal protection from damages claims for prescribed accounting standard-setting bodies and their personnel when carrying out their functions, unless bad faith is proven.

• A prescribed body and its members, directors, officers, and employees are shielded from liability for damages in respect of anything done, purported to be done, or omitted to be done in the course of their functions.
• The protection specifically applies to the function of issuing accounting standards.
• The immunity does not apply where the act or omission is shown to have been carried out in bad faith.
• A "prescribed body" means a body designated under section 943(1)(h) of the Companies Act 2014.