Scope
4
An entity shall apply this Standard to all its regulatory assets and all its regulatory liabilities, except for regulatory assets and regulatory liabilities that arise if premiums charged in insurance contracts within the scope of AASB 17 Insurance Contracts are regulated.
5
This Standard specifies how to account for regulatory assets and regulatory liabilities and the resulting regulatory income and regulatory expense. Its application results in information that supplements the information provided by applying other Australian Accounting Standards, primarily information about revenue from contracts with customers recognised applying AASB 15. An entity shall apply other Australian Accounting Standards to account for rights and obligations created by a regulatory agreement before applying this Standard.