[F190AChange of accounting basis applicable to assets or liabilitiesU.K.
(1)The Treasury may by regulations provide that where in accordance with generally accepted accounting practice assets or liabilities of a company that were previously dealt with for accounting purposes on an amortised cost basis of accounting are required to be dealt with for accounting purposes on the basis of fair value accounting, the debits or credits to be brought into account for the purposes of this Chapter shall continue be determined on an amortised cost basis of accounting.
(2)The power to make regulations under this section includes power—
(a)to make different provision for different cases;
(b)to make such consequential, supplementary, incidental or transitional provision, or savings, as appear to the Treasury to be necessary or expedient; and
(c)to make provision subject to an election or to other prescribed conditions.]
Textual Amendments
F1S. 90A inserted (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 8