Document ID: chunk:federal_register_of_legislation:F2022C00487:reg:10
Version: federal_register_of_legislation:F2022C00487
Segment Type: reg
Provision Reference: reg 10
Character Range: 10015–10949

10                    Paragraphs 11–12 of AASB 108 specify sources of requirements and guidance that management is required or permitted to consider in developing an accounting policy for an item, if no relevant Standard applies specifically to that item. This Standard exempts an entity from applying paragraph 11 of AASB 108 to its accounting policies for the recognition, measurement, impairment and derecognition of regulatory deferral account balances. Consequently, entities that recognise regulatory deferral account balances, either as separate items or as part of the carrying value of other assets and liabilities, in accordance with their previous GAAP, are permitted to continue to recognise those balances in accordance with this Standard through the exemption from paragraph 11 of AASB 108, subject to any presentation changes required by paragraphs 18–19 of this Standard.

Continuation of existing accounting policies