11(1)After paragraph 76 insert—U.K.
“76A(1)Liabilities under derivative contracts are never “long term” (and are therefore always short term).
(2)In this paragraph “derivative contract” has the meaning given by international accounting standards.”
(2)In paragraph 75 (liabilities not required to be repaid within 12 months etc are long term liabilities), after sub-paragraph (2) insert—
“(3)This paragraph is subject to paragraph 76A.”
(3)In paragraph 77 (which relates to the calculation of “UK allocated equity and liabilities”), for “76” substitute “ 76A ”.
(4)The amendments made by this paragraph have effect for chargeable periods ending on or after 1 January 2015.