SCHEDULE 19 Accounting Standards: Loan Relationships and Derivative Contracts
Finance Act 2010 (2010 c 13) | Legislation

SCHEDULE 19 Accounting Standards: Loan Relationships and Derivative Contracts

Section 62

Loan relationships

1

In Chapter 18 of Part 5 of CTA 2009 (loan relationships: general and supplementary provision), before section 466 (and the heading before it) insert—

“Changes in accounting standards
465A Power to make regulations where accounting standards change

(1)     The Treasury may by regulations make provision for cases where, in consequence of a change in accounting standards, there is a relevant accounting change.

(2)     “Change in accounting standards†means the issue, revocation, amendment or recognition of, or withdrawal of recognition from, an accounting standard by an accounting body.

(3)     “Relevant accounting change†means a change in the way in which a company is permitted or required, for accounting purposes, to recognise amounts which—

(a)     are brought into account by the company as credits or debits for any period for the purposes of this Part, or

(b)     would be so brought into account but for any

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