New South Wales Consolidated Acts

CO-OPERATIVE HOUSING AND STARR-BOWKETT SOCIETIES ACT 1998 - SECT 5A

5A Interpretation-meaning of “economic entity” and “entity”

If an accounting standard defines the term "economic entity" or "entity" the definition in the accounting standard has effect for the purposes of this Act. Otherwise, the term has the meaning prescribed by the regulations.

Accounting Standard AASB 1024:Consolidated Accounts defines "economic entity" to mean “a group of entities comprising the parent entity and each of its subsidiaries” and defines "entity" to mean “any legal, administrative or fiduciary arrangements, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives”.