Part 5 Loan Relationships

Chapter 3 The credits and debits to be brought into account: general

Rules differing from generally accepted accounting practice

325 Restriction on credits resulting from reversal of disallowed debits

(1) No credit is to be brought into account for the purposes of this Part in respect of the reversal of a debit disallowed by section 324(1).

(2) This section does not apply if fair value accounting is used.

(3) See also paragraph 61 of Schedule 2 (restriction on bringing into account credits resulting from reversal of debits disallowed in a period of account beginning before 1 January 2005).