A few snippets from the HTML5 spec: http://w3c.github.io/html/semantics-scripting.html#element-attrdef-script-async
The defer and async attributes must
not be specified if the src attribute
is not present.
There are three possible modes that
can be selected using these
attributes [async and defer]. If the async attribute is
present, then the script will be
executed asynchronously, as soon as it
is available. If the async attribute
is not present but the defer attribute
is present, then the script is
executed when the page has finished
parsing. If neither attribute is
present, then the script is fetched
and executed immediately, before the
user agent continues parsing the page.
The exact processing details for these
attributes are, for mostly historical
reasons, somewhat non-trivial,
involving a number of aspects of HTML.
The implementation requirements are
therefore by necessity scattered
throughout the specification. The
algorithms below (in this section)
describe the core of this processing,
but these algorithms reference and are
referenced by the parsing rules for
script start and end tags in HTML, in
foreign content, and in XML, the rules
for the document.write() method, the
handling of scripting, etc.
If the element has a src attribute,
and the element has a defer attribute,
and the element has been flagged as
“parser-inserted”, and the element
does not have an async attribute:The element must be added to the end of the list of scripts that will
execute when the document has finished
parsing associated with the Document
of the parser that created the
element.