Part 5

Loan Relationships
Chapter 3

The credits and debits to be brought into account: general

Accounting bases

Power to make regulations about changes from amortised cost basis
314
1
This section applies if the credits or debits to be brought into account for the purposes of this Part in respect of assets or liabilities of a company—
a
are required in accordance with generally accepted accounting practice to be dealt with for accounting purposes using fair value accounting, and
b
were previously dealt with for those purposes on an amortised cost basis.
2
The Treasury may by regulations provide that the credits or debits must continue to be determined on an amortised cost basis of accounting.
3
The regulations may—
a
make different provision for different cases,
b
make incidental, supplemental, consequential and transitional provision and savings, and
c
make provision subject to an election or to other specified conditions.