5AInterpretation—meaning of “economic entity” and “entity”

#### 5A Interpretation—meaning of “economic entity” and “entity” 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. > > Note. > > 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”. > > **s 5A:** Ins 2000 No 93, Sch 1.5 \[2\].