INCOME TAX ASSESSMENT ACT 1997 - SECT 820.675 Amount to be expressed in Australian currency

INCOME TAX ASSESSMENT ACT 1997 - SECT 820.675

  (1)   For the purposes of this Division, an amount (including a value used in a calculation under this Division) is to be expressed in Australian currency.

  (2)   An entity must comply with the * accounting standards in converting an amount into Australian currency.

  (3)   Subsection   (2) has effect whether the * accounting standard would otherwise apply to the entity or not.