60.—(1) This regulation applies if—
(a)there is a change of accounting policy in drawing up a reporting fund's accounts from one period of account (in this Chapter called the “earlier period”) to the next (in this Chapter called the “later period”), and
(b)the approach in each of those periods accords with the law and practice applicable in relation to that period.
(2) If there is a difference between—
(a)the accounting value of an asset or liability of the offshore fund at the end of the earlier period, and
(b)the accounting value of that asset or liability at the beginning of the later period,
a corresponding debit or credit (as the case may be) must be brought into account for the purposes of these Regulations in the later period.
(3) In paragraph (2) “accounting value” means the carrying value of the asset or liability recognised for accounting purposes.