Updated: The Loan Relationships and Derivative Contracts (Change of Accounting Practice) (Amendment) Regulations 2015 have been made.
The accounting standard covering financial instruments is changing with the introduction of International Financial Reporting Standard 9 (IFRS 9). This measure amends the Change of Accounting Practice Regulations 2004 (SI 2004/3271) so that all transitional adjustments arising on first adoption of IFRS 9 for credit losses will be spread over 10 years.
The measure will have effect for periods of account commencing on or after 1 January 2015.
Draft legislation for this measure has also been published.
The Regulations have now been made law.
Local copy of 150319_IFRS__Credit_Losses_TIIN_BM2071_RD.pdf
Local copy of 150319_IFRS__Credit_Losses_TIIN_BM2071_RD.pdf
https://www.gov.uk/government/publications/corporation-tax-accounting-for-credit-losses
seen at 14:33, 4 August in Publications on GOV.UK.Email this to a friend.