Document ID: chunk:federal_register_of_legislation:C2010C00578:clause:1_14:p2
Version: federal_register_of_legislation:C2010C00578
Segment Type: clause
Provision Reference: sch 1 cl 14 (pt 2/2)
Character Range: 25783–26839

to prepare for a period (the later period) that ends after the first period;
the entity may also rely on the revaluation in calculating the value of its assets for the purposes of this Division as applying to the entity for a period that is or includes all or part of the later period.

 (2E) If subsection (2D) does not permit the entity to rely on the revaluation in calculating the value of its assets for the purposes of this Division as applying to the entity for a period that is later than the first period, the revaluation is disregarded in determining whether subsection (1) requires the entity to revalue the one or more assets in calculating the value of its assets for those purposes.

Note: As a result, the entity may not be required to make a further revaluation of the one or more assets. However, if the entity does not, it must use the value of the one or more assets that is reflected in financial statements for the relevant period that comply with the accounting standards.

Accounting standards need not otherwise apply to the entity