C1C2C3C4C5Part 5Loan Relationships
Pt. 5 applied (with modifications) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 990(5), 1184(1) (with Sch. 2)
Pt. 5 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 5; S.I. 2012/628, art. 3(b)
Pt. 5 modified (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 2; S.I. 2011/2576, art. 5
Chapter 3The credits and debits to be brought into account: general
Amounts recognised in determining a company's profit or loss
308Amounts recognised in determining a company's profit or loss
1
References in this Part to an amount recognised in determining a company's profit or loss for a period are references to an amount recognised in—
a
the company's profit and loss account, income statement or statement of comprehensive income for that period,
b
the company's statement of total recognised gains and losses, statement of recognised income and expense, statement of changes in equity or statement of income and retained earnings for that period, or
c
any other statement of items taken into account in calculating the company's profits and losses for that period.
2
If, in accordance with generally accepted accounting practice, an amount is shown as a prior period adjustment in any statement within subsection (1), it must be brought into account for the purposes of this Part in calculating the company's profits and losses for the period to which the statement relates.
3
Subsection (2) does not apply to an amount recognised for accounting purposes by way of correction of a fundamental error.
Pt. 5 applied (with effect in accordance with Sch. 24 paras. 13-16 of the amending Act) by Finance Act 2009 (c. 10), Sch. 24 para. 15(2)(3)