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The Corporation Tax (Tax Treatment of Financing Costs and Income) (Acceptable Financial Statements) Regulations 2009
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- 2009 No. 3217
- Regulation 2
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Acceptable financial statements
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2.—(1) Financial statements are acceptable for the purposes of paragraph 88 of Schedule 15 to the Finance Act 2009 (non-compliant financial statements of worldwide group) if they meet one of conditions A to D.
(2) Condition A is that the financial statements are drawn up in accordance with international accounting standards adopted with modifications by the European Commission in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19th July 2002 on the application of international accounting standards(1).
(3) Condition B is that the financial statements are drawn up in accordance with UK generally accepted accounting practice.
(4) Condition C is that the financial statements are drawn up in accordance with generally accepted accounting principles or practice of one of the following territories—
(a)Canada,
(b)China,
(c)Japan,
(d)South Korea,
(e)the United States of America.
(5) Condition D is that the financial statements are drawn up in accordance with generally accepted accounting principles or practice of India.
(1)
OJ L 243, 11.9.2002 p1.
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