- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
3For sections 85 and 86 of that Act (authorised accounting methods and their application) substitute—
(1)Subject to the provisions of this Chapter, the amounts to be brought into account by a company for any period for the purposes of this Chapter are those that, in accordance with generally accepted accounting practice, are recognised in determining the company’s profit or loss for the period.
(2)If a company does not draw up accounts in accordance with generally accepted accounting practice (“correct accounts”)—
(a)the provisions of this Chapter apply as if correct accounts had been drawn up, and
(b)the amounts referred to in this Chapter as being recognised for accounting purposes are those that would have been recognised if correct accounts had been drawn up.
(3)If a company draws up accounts that rely to any extent on amounts derived from an earlier period of account for which the company did not draw up correct accounts, the amounts referred to in this Chapter as being recognised for accounting purposes in the later period are those that would have been recognised if correct accounts had been drawn up for the earlier period.
(4)The provisions of subsections (2) and (3) apply where the company does not draw up accounts at all as well as where it draws up accounts that are not correct.
(1)Any reference in this Chapter to an amount being recognised in determining a company’s profit or loss for a period is to an amount being recognised for accounting purposes—
(a)in the company’s profit and loss account,
(b)in the company’s statement of recognised gains and losses or statement of changes in equity, or
(c)in any other statement of items brought into account in computing the company’s profits and losses for that period.
(2)Subsection (1) does not apply to an amount recognised for accounting purposes by way of correction of a fundamental error.
(3)The Treasury may by regulations—
(a)make provision excluding from subsection (1) amounts of a prescribed description, and
(b)make provision for or in connection with bringing into account in prescribed circumstances amounts in relation to which subsection (1) does not have effect by virtue of regulations under paragraph (a) above.
(4)The regulations may provide that subsection (1) does not apply to prescribed amounts in a period of account to the extent that they derive from or otherwise relate to amounts brought into account in a prescribed manner in a previous period of account.
(5)The power to make regulations under this section includes—
(a)power to make different provision for different cases; and
(b)power to make provision subject to an election or to other prescribed conditions.
(6)The power to make regulations under this section does not apply to exchange gains or losses (but see section 84A(3A)and (8) to (10)).”.
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