SCHEDULES

SCHEDULE 4Accounting practice and related matters

Part 2Other provisions connected with accounting practice

Schedule 26 to FA 2002

37

In paragraph 54 of Schedule 26 to FA 2002 (derivative contracts: general interpretation), after sub-paragraph (2) (meaning of “exchange gains or losses”) insert—

2A

In a case where fair value accounting is used the valuation referred to in sub-paragraph (2) is the valuation that would be given by an amortised cost basis of accounting.