[expr.prim.id.qual] p5 states that

The result of a qualified-id Q is the entity it denotes ([basic.lookup.qual]).

The emphasized subclause has no actual interpretation. [basic.pre] p5 define what entity is denoted by a name.

An entity E is denoted by the name (if any) that is introduced by a declaration of E

So, I think [expr.prim.id.qual] p5 should be changed to:

The result of a qualified-id Q is the entity denoted by the qualified name of Q.