PART 3REPORTING FUNDS AND THE TREATMENT OF PARTICIPANTS IN REPORTING FUNDS
CHAPTER 4THE PREPARATION OF ACCOUNTS
Change in accounting practice to a generally accepted accounting practice61
1
This regulation applies if—
a
there is a change of accounting practice in drawing up a reporting fund's accounts from the earlier period to the later period, and
b
the fund prepares accounts for the later period in accordance with a generally accepted accounting practice.
2
If the accounts for the later period are not prepared in accordance with international accounting standards, the offshore fund must give notice to HMRC—
a
applying for approval of the generally accepted accounting practice, and
b
providing the statement mentioned in regulation 53(1)(d).
3
If the accounts for the later period are prepared in accordance with international accounting standards, the offshore fund must give notice to HMRC.
4
Within 28 days beginning with the day on which HMRC receive an application under paragraph (2), HMRC must give notice to the offshore fund—
a
accepting the application, or
b
rejecting the application.
5
If HMRC reject an application, the offshore fund may appeal.
6
The notice of appeal must be given to HMRC within a period of 42 days beginning with the day on which the notice rejecting the application is given.
7
On an appeal, the tribunal may uphold or quash the rejection of the application.