- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (26/03/2013)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 15/03/2018
Point in time view as at 26/03/2013.
Finance Act 2011, Paragraph 42 is up to date with all changes known to be in force on or before 26 July 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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42(1)This paragraph applies for the purposes of this Schedule.U.K.
(2)References to consolidated financial statements for a period include references to a consolidated balance sheet (or consolidated statement of financial position) as at the last day of the period.
(3)References to financial statements for a period include references to a balance sheet (or statement of financial position) as at the last day of the period.
(4)References to amounts recognised in consolidated financial statements or financial statements include references to an amount comprised in an amount so recognised.
(5)Sub-paragraph (6) applies if an amount for the chargeable period, or as at the last day of the chargeable period, is so recognised in a currency other than sterling.
(6)The amount is to be translated into its sterling equivalent by reference to the spot rate of exchange for the last day of the chargeable period.
(7)If consolidated financial statements or financial statements for the chargeable period are not prepared in a way which complies with the relevant accounting framework under which the statements are prepared, the statements are to be adjusted as necessary to ensure that they comply.
(8) In sub-paragraph (7) “ relevant accounting framework ” means—
(a)international accounting standards,
(b) US GAAP , or
(c)UK GAAP.
(9)In relation to the preparation of consolidated financial statements or financial statements under UK GAAP, Financial Reporting Standard 23 and Financial Reporting Standard 26 are to be treated as if they were mandatory for all entities.
(10)Accordingly, if any statements are prepared under UK GAAP without one or both of those Standards being applied, the statements are to be treated as not complying with UK GAAP and adjusted under sub-paragraph (7) accordingly.
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