5Unless specified otherwise in paragraphs 5A–21, Australian Accounting Standards apply to:

5 Unless specified otherwise in paragraphs 5A–21, Australian Accounting Standards apply to:
(a) each not-for-profit entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;
(c) each entity that elects to prepare financial statements that are, or are held out to be, general purpose financial statements; and
(d) for-profit private sector entities that have public accountability and are required by legislation to prepare financial statements that comply with either Australian Accounting Standards or accounting standards; and
(e) other for-profit private sector entities that are required only by their constituting document or another document to prepare financial statements that comply with Australian Accounting Standards, provided that the relevant document was created or amended on or after 1 July 2021.
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6 AASB 8 Operating Segments and AASB 120 Accounting for Government Grants and Disclosure of Government Assistance applies to apply as set out in paragraph 5, provided the entity is a for-profit entity.
(a) each for-profit entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;
(c) financial statements of a for-profit entity that are, or are held out to be, general purpose financial statements; and
(d) for-profit private sector entities that have public accountability and are required by legislation to comply with Australian Accounting Standards.