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5. In Schedule 7 (accounting principles and rules), in paragraph 31A—
(a)in sub-paragraph (2), at the end of paragraph (a), omit “or”;
(b)at the end of paragraph (b), insert—
“; or
(c)they are financial instruments falling within sub-paragraph (3A).”;
(c)in sub-paragraph (3), before “Sub-paragraph (1) does not apply to” insert “Unless they are financial instruments falling within sub-paragraph (3A) below,”;
(d)after sub-paragraph (3), insert—
“(3A) Financial instruments which, under international accounting standards adopted by the European Commission on or before 5th September 2006 in accordance with the IAS Regulation, may be included in accounts at fair value, may be so included, provided that the disclosures required by such accounting standards are made.”.
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