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The Companies (1986 Order) (International Accounting Standards and Other Accounting Amendments) Regulations (Northern Ireland) 2004

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9.—(1) Chapter IV (interpretation of Part I) is amended as follows.

(2) In paragraph 82 (general interpretation), at the appropriate place, insert –

“Investment property” means land held to earn rent or for capital appreciation;.

(3) After paragraph 82 insert –

Financial instruments

82A.  For the purposes of this Part, references to “derivatives” include commodity-based contracts that give either contracting party the right to settle in cash or in some other financial instrument, except when such contracts –

(a)were entered into for the purpose of, and continue to meet, the company’s expected purchase, sale or usage requirements,

(b)were designed for such purpose at their inception, and

(c)are expected to be settled by delivery of the commodity.

82B.(1) The expressions listed in sub-paragraph (2) have the same meaning in paragraphs 44A to 44F, 58A to 58C and 82A of this Part as they have in Council Directives 78/660/EEC on the annual accounts of certain types of companies and 86/635/EEC on the annual accounts and consolidated accounts of banks and other financial institutions, as amended(1).

(2) Those expressions are “available for sale financial asset”, “business combination”, “commodity-based contracts”, “derivative”, “equity instrument”, “exchange difference”, “fair value hedge accounting system”, “financial fixed asset”, “financial instrument”, “foreign entity”, “hedge accounting”, “hedge accounting system”, “hedged items”, “hedging instrument”, “held for trading purposes”, “held to maturity”, “monetary item”, “receivables”, “reliable market” and “trading portfolio”..

(4) In paragraph 85(c) (interpretation of references to provisions for liabilities or charges) –

(a)for “provisions for liabilities or charges” substitute “provisions for liabilities”, and

(b)for “or loss” substitute “the nature of which is clearly defined and”.

(1)

O.J. No. L222 of 14.8.1978, page 11, and O.J. No. L372 of 31.12.1986, page 1, as amended in particular by Directive 2001/65/EEC (O.J. No. L238 of 27.10.2001, page 28)

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