Part 7Derivative contracts
Chapter 3Credits and debits to be brought into account: general
Application of fair value accounting
600Contract which is or forms part of financial asset or liability
(1)
This section applies to a derivative contract which meets the condition in section 579(1)(b) (contract which is or forms part of a financial asset or liability for accounting purposes).
(2)
The amounts to be brought into account in accordance with this Part in respect of the contract are to be determined on the basis of fair value accounting.