Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p23
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 23/32)
Character Range: 7249292–7252063

In particular, for the purposes of this Division, the entity has an asset or liability at a particular time if, and only if, according to the *accounting standards, the asset or liability can or must be recognised at that time.
Note: This application of the accounting standards is modified in certain cases (see section 820‑682).
 (2) If:
 (a) an entity is required by an Australian law to prepare financial statements for a period in accordance with the *accounting standards; and
 (b) a matter mentioned in subsection (1) is determined or calculated in accordance with the accounting standards for the purposes of the financial statements in relation to the period;
then, for the purposes of this Division, the matter is to be determined or calculated in relation to the period, or any part of the period, in the same way as it is determined or calculated in the financial statements.
 (2A) If:
 (a) a period in relation to which a matter mentioned in subsection (1) is determined or calculated (the current period) is not the same as a period in relation to which paragraphs (2)(a) and (b) are satisfied; and
 (b) the current period overlaps with one or more periods in relation to which paragraphs (2)(a) and (b) are satisfied;
then, for the purposes of this Division, the matter is to be determined or calculated in relation to the current period in the same way as it is determined or calculated in the financial statements for the most recent of the overlapping periods.

Accounting standards need not otherwise apply to the entity
 (3) Subsection (1) has effect whether the *accounting standard would otherwise apply to the entity or not.

820‑682  Recognition of assets and liabilities—modifying application of accounting standards

Deferred tax assets and deferred tax liabilities
 (1) Despite subsections 820‑680(1), (1A) and (2), an entity must not recognise:
 (a) a deferred tax liability (within the meaning of the *accounting standards) as a liability for the purposes of this Division; or
 (b) a deferred tax asset (within the meaning of the accounting standards) as an asset for the purposes of this Division.
Note: Subsections 820‑680(1) and (1A) require compliance with accounting standards.

Surpluses and deficits in defined benefit superannuation plans
 (2) Despite subsections 820‑680(1), (1A) and (2), an entity must not recognise an amount relating to a defined benefit plan (within the meaning of the *accounting standards) as:
 (a) a liability for the purposes of this Division; or
 (b) an asset for the purposes of this Division.
Note: Subsections 820‑680(1) and (1A) require compliance with accounting standards.

Not applicable to ADIs
 (3) This section does not apply in relation to an entity for a period if, for the period, the entity is