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The Accounting Standards Act 2007 ("Act") was passed in Parliament on 27 August 2007 and came into effect on 1 November 2007. The Act established the Accounting Standards Council ("ASC") and appointed the Accountant-General as the legal authority to prescribe accounting standards for Statutory Boards. Every Statutory Board specified in the First Schedule of the Act shall prepare its financial statements in compliance with the accounting standards established by the Accountant-General.
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