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Finance Act 2005
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- UK Public General Acts
- 2005 c. 7
- SCHEDULE 4
- Part 2
- Paragraph 34
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Schedule 26 to FA 2002
34(1)Paragraph 17B of Schedule 26 to FA 2002 (derivative contracts: amounts recognised in determining company’s profit or loss) is amended as follows.
(2)In sub-paragraph (1)(a) after “profit and loss account” insert “or income statement”.
(3)For sub-paragraph (2) substitute—
“(2)An amount that in accordance with generally accepted accounting practice is shown as a prior period adjustment in any such statement as is mentioned in sub-paragraph (1) shall be brought into account for the purposes of this Schedule in computing the company’s profits and losses for the period to which the statement relates.
This does not apply to an amount recognised for accounting purposes by way of correction of a fundamental error.”.
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