Section 72: Financial reporting and accounting standards

72. Financial reporting and accounting standards (1) The Council shall, in relation to statutory bodies specified in Part II of the Second Schedule to the Statutory Bodies (Accounts and Audit) Act, develop, issue and keep up-to-date financial reporting and accounting standards, and ensure consistency between the standards issued and the International Financial Reporting Standards. (2) The Council shall specify, in the financial reporting and accounting standards, the minimum requirements for recognition, measurement, presentation and disclosure in annual financial statements, group annual financial statements or other financial reports which every public interest entity shall comply with, in the preparation of financial statements and reports. (3) The Council shall specify in the financial reporting and accounting standards, the minimum requirements for recognition, measurement, presentation and disclosure in annual financial statements, group annual financial statements or other financial reports, with which every entity, other than a public interest entity, shall comply in the preparation of its financial statements and reports. [S. 72 amended by s. 16 (d) of Act 14 of 2009 w.e.f. 30 July 2009; s. 12 (s) of Act 27 of 2012 w.e.f. 22 December 2012.]