The Institute, CPA Australia and the National Institute of Accountants have lodged their joint submission on the review of the Legislative Instruments Act 2003. Since the Australian Accounting Standard Board’s (AASB) and Auditing and Assurance Standard Board’s (AUASB) standards are legislative instruments, this review affects those involved in financial reporting and assurance. 
 
The submission suggests ways of streamlining the process of reviewing legislative instruments to provide certainty for those wishing to adopt standards based on international equivalents earlier than their mandatory applicable date. 
 
View the submission here (pdf). 
 
Background 
The Attorney-General's Department of the Australian Government released an Issues Paper requesting comments on the review of the Legislative Instruments Act (LIA) 2003.  
 
The review is a broad consultation (given that the Act applies to all government rule-making) reviewing the operation of the LIA, whether the objectives of the LIA have been met and how the performance of the LIA may be improved. Information about the review, including the terms of reference, is available from the Attorney-General Department’s website.  
 
This article is current up to 16 May 2008