ACCOUNTING STANDARDS for statutory bodies
—(1) The Accountant-General may establish one or more accounting standards about the following:
the statements of standard accounting practice applicable to statutory bodies; and
the content of financial statements and annual reports required to be prepared by statutory bodies.
(2) Before establishing an accounting standard under subsection (1), the Accountant-General shall have regard to relevant accounting standards issued by the Council under this Act or by any appropriate professional bodies.
(3) The Accountant-General may establish an accounting standard under this Part —
by issuing the text of an accounting standard, which may or may not be an accounting standard made or formulated by the Council under Part III; or
by modifying the text of any accounting standard referred to in paragraph (a) to the extent necessary to take account of the legal or institutional environment for statutory bodies.
(4) An accounting standard established under subsection (1) shall apply to such periods as may be specified in the standard.
12. The accounts and financial statements of every statutory body specified in the First Schedule shall be prepared in compliance with such accounting standards as are established under this Part and notified in writing to the statutory body by the Accountant-General.