What is statutory construction Essay Example | Topics and Well Written Essays - 1250 words

What is statutory construction - Essay Example The Right Honourable Kenneth Clarke QC MP, Lord Chancellor and Secretary of State for Justice made this declaration during his speech at the Dinner for the Judges at the Mansion House. His words sum up the courts’ sentiments when it comes to the issue of statutory interpretation. Apparently, among the powers bestowed by the constitution of the United Kingdom unto the judicial branch, the power to interpret laws is the most difficult which the courts exercise with utmost care and caution. Indeed, when an ambiguous Act of Parliament is brought before the court for interpretation, the court is caught between the crossfire of two opposing parties, each wanting for the law to be interpreted in such a way that would favor their interests. However, unlike regular legal battles where the court’s powers are limited to the application of the laws, in the case of statutory construction, the courts are toeing the line between judicial and legislative powers. There are no clear laws to be applied. The courts first need to ascertain what the law is and then apply it to a case before it. The courts need to fathom the spirit and purpose of the law as the Parliament has intended it to be without asking the legislators what the law means. Rather, the courts rely on established principles in trying to determine the intent of the legislators. In the exercise of its interpretive powers, the courts are governed by established principles of statutory interpretation ... Medical terms must be given and understood within the context of medicine and economic terms must be understood in the same way that economists understand it. The second principle is the pro bono publico. Under this rule, the courts always interpret the law in such a way that it would serve the public good. The courts weigh which of the possible interpretations of a given legislation shall best serve the public good and those that fail this criterion are dismissed. Here, the system of check and balance is at work. When the Parliament passes an ambiguous legislation, the courts ensure that the Acts of Parliament are applied and enforced for the greater and public good. The third principle is called in pari materia. This principle literally translates as â€Å"on the like matter†. This rule is basically used when the purpose of the legislation being construed is ambiguous. Pursuant to this rule, the courts are entitled to seek reference to earlier legislations that deal with sim ilar matters in order to unveil the true nature and purpose of the later Act of Parliament. Another important principle in statutory construction is the mischief rule. This rule is commonly applied to legislations that amend or revise prior Acts of Parliament that have been found to have some defects or mischief. Under this rule, when the curative legislation is written in such a way that its purpose is rendered ambiguous, the courts interpret it as having the intention of curing or removing the defect in the prior legislation. No other interpretation shall be given except that it is intended to cure the defect or mischief of the law stated in its purpose in the first place. The next principle in statutory construction is the literal rule basically mandates the courts to use the literal

Objectives of GPFRs in AASB and IASB Essay Example | Topics and Well Written Essays - 1000 words

Objectives of GPFRs in AASB and IASB - Essay Example It is to be noted that both the boards have set down the objectives of General Purpose Financial Reports on the different basis. The further sections of this report focus on the helpfulness of the objectives set down by International Accounting Standard Board to improve the general purpose financial report. There are several questions that have been raised regarding the usefulness of the objectives. A comparison of the objectives of both the Australian Accounting board and the International Accounting board is made to analyze which one of the two is better suited as objectives for the general purpose financial report. The next section deals with the meaning of general purpose financial report and helps understand the main reason why these reports are produced. General Purpose Financial Reports are prepared to focus on the requirements of users who require understanding the company’s financial status. This report provided the common information to users who cannot prepare speci fic information to meet their needs. There are a few financial entities that are authorized to prepare these reports. Since these reports are very general most of the time these reports focus on general information of the company which benefits only a few groups of people. The main users of General Purpose Financial Reports are divided into three main categories namely. Resource providers like employees, lenders, supplier, lenders, investors, etc. These groups of people are interested in knowing the financial status of the company to understand whether the resources provided are being put to efficient use and if the company is performing economically, efficiently and effectively (CPA Australia, 2002). Recipient of goods and services like consumers, customers, or any person benefiting from the goods or services provided by the reporting entity.