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The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) (Amendment) Regulations 2015
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- UK Statutory Instruments
- 2015 No. 1961
- Regulation 3
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Amendments to the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004
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3. In regulation 2 (interpretation), in paragraph (1)—
(a)omit the definition of “fair value accounting”,
(b)for the definition of “fair value profit or loss” substitute—
““fair value profit or loss” means the profit or loss brought into account in relation to a derivative contract or an asset or liability representing a loan relationship where for the period in question—
(a)
the derivative contract or asset or liability representing a loan relationship is measured at fair value, or
(b)
the derivative contract or asset or liability representing a loan relationship is a hedged item in a designated fair value hedge and the carrying value of the hedged item is adjusted for changes in fair value attributable to the hedged risk;”, and
(c)in paragraph (2), in the list of terms that have the same meaning as for accounting purposes, after “foreign operation” insert “, fair value, items of other comprehensive income”.
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