Here's a link to the Law 5 pertaining to the referee. It explains the advantage rule (page 6 onwards) and what the referee should take into consideration. It's a password protected pdf file, so I can't cut and paste, I'm afraid.

Advantage

LFF

PS Just for comparison, I had a look at the NFL Rulebook - I've nothing but admiration for American Football Officials if they carry all that in their heads!