The Exchange Gains and Losses (Transitional Provisions) Regulations 1994

Exchange rate at translation times

5.  Section 150 shall apply in relation to a translation time which is the first translation time as respects an existing asset, liability or contract held or owed by a company—

(a) with the omission in subsection (1) of “at a translation time”;

(b) with the omission of subsections (4) and (8) to (14) and, in the case of a regulation 6(3) asset, of subsection (5);

(c) with the substitution in subsections (5) and (6)(b) for “the last day of the accounting period” of “the day immediately preceding the company’s commencement day or, if that day is not the last day of an accounting period of the company, in the company’s accounting records for that day,”; and

(d) with the substitution in subsection (7) for the “last day of the accounting period” of “the day immediately preceding the company’s commencement day”.