- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
(1)This section applies if—
(a)a company is subject to old UK GAAP for a period of account,
(b)at the beginning of its first relevant period of account the company did not hold any assets (“relevant assets”) which it is not permitted under old UK GAAP to treat as mentioned in section 415(1),
(c)the company subsequently acquires one or more relevant assets (to which sections 415 and 585 do not apply because of the company being subject to old UK GAAP), and
(d)the company would have been permitted to treat the relevant assets as mentioned in section 415(1) if it had been subject to—
(i)international accounting standards, or
(ii)new UK GAAP.
(2)The company may elect that this Part and Part 7 (derivative contracts) should apply as if sections 415 and 585 did apply.
(3)The election has effect in relation to all relevant assets held by the company including those subsequently acquired, except as provided in subsection (4).
(4)An election made on or after 12 March 2008 does not have effect in relation to any relevant assets in the case of which section 418 (loan relationships treated differently by connected debtor and creditor) applies.
(5)If an election is made under this section, sections 315 to 318 (adjustments on change of accounting policy) apply as if there were a change of accounting policy consisting of the company treating its relevant assets as mentioned in section 415(1) as from the date the election has effect.
(6)See also section 613(4) (which makes provision corresponding to subsection (5) for the purposes of Part 7).
(7)In this section—
“first relevant period of account”, in relation to a company, means the first period of account of the company beginning on or after 1 January 2005 (the first period in relation to which section 94A of FA 1996 (which is rewritten in section 415) had effect),
“old UK GAAP” means UK generally accepted accounting practice as it applied for periods of account beginning before 1 January 2005, and
“new UK GAAP” means UK generally accepted accounting practice as it applies for periods of account beginning on or after that date.
(8)Section 417 makes further provision about elections under this section.
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