References to amounts recognised in [F1determining profit or loss] U.K.
134[F2(1)] References in this Schedule to an amount recognised in [F3determining a company's profit or loss] for a period include—
(a)an amount recognised in [F4the company's profit and loss account or income statement,] a statement of total recognised gains and losses [F5, statement of changes in equity] or other statement of items brought into account in computing the company’s profits and losses for that period; and
(b)an amount that would have been so recognised if a profit and loss account or other such statement as is mentioned in paragraph (a) had been drawn up for that period in accordance with generally accepted accounting practice.
F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F7(2)An amount that in accordance with generally accepted accounting practice is shown as a prior period adjustment in any such statement as is mentioned in sub-paragraph (1) shall be brought into account for the purposes of this Schedule in computing the company's profits and losses for the period to which the statement relates.
This does not apply to an amount recognised for accounting purposes by way of correction of a fundamental error.]
Textual Amendments
F1Words in Sch. 29 para. 134 heading substituted (7.4.2005) by Finance Act 2005 (c. 7), Sch. 4 para. 46(2)
F2 Sch. 29 para. 134 renumbered as Sch. 29 para. 134(1) (7.4.2005) by Finance Act 2005 (c. 7), Sch. 4 para. 46(3)
F3Words in Sch. 29 para. 134(1) substituted (7.4.2005) by Finance Act 2005 (c. 7), Sch. 4 para. 46(4)(a)
F4Words in Sch. 29 para. 134(1)(a) inserted (7.4.2005) by Finance Act 2005 (c. 7), Sch. 4 para. 46(4)(b)
F5Words in Sch. 29 para. 134(a) inserted (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 73(2)
F6Words in Sch. 29 para. 134(1) repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 4 para. 46(4)(c), Sch. 11 Pt. 2(7)
F7Sch. 29 para. 134(2) inserted (7.4.2005) by Finance Act 2005 (c. 7), Sch. 4 para. 46(5)