SCHEDULES

SCHEDULE 10Amendment of enactments that operate by reference to accounting practice

Part 2Derivative contracts

Accounting methods

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In paragraph 21 (basis of accounting for contracts falling within paragraph 6, 7 or 8), for sub-paragraph (2) substitute—

“(2)

Where this paragraph applies the debits and credits to be brought into account for the purposes of this Schedule as respects the derivative contract must be determined on the basis of fair value accounting.”.