Scope
5
An entity is permitted to apply the requirements of this Standard in its first Australian-Accounting-Standards financial statements if and only if it:
(a) conducts rate-regulated activities; and
(b) recognised amounts that qualify as regulatory deferral account balances in its financial statements in accordance with its previous GAAP.
6
An entity shall apply the requirements of this Standard in its financial statements for subsequent periods if and only if, in its first Australian-Accounting-Standards financial statements, it recognised regulatory deferral account balances by electing to apply the requirements of this Standard.
7
This Standard does not address other aspects of accounting by entities that are engaged in rate-regulated activities. By applying the requirements in this Standard, any amounts that are permitted or required to be recognised as assets or liabilities in accordance with other Standards shall not be included within the amounts classified as regulatory deferral account balances.
8
An entity that is within the scope of, and that elects to apply, this Standard shall apply all of its requirements to all regulatory deferral account balances that arise from all of the entity’s rate-regulated activities.