C1C2Part 7Derivative contracts
Chapter 13General and supplementary provisions
F1Changes to accounting standards
S. 701A and cross-heading inserted (8.4.2010) by Finance Act 2010 (c. 13), Sch. 19 para. 2
701APower to make regulations where accounting standards change
1
The Treasury may by regulations make provision for cases where, in consequence of a change in accounting standards, there is a relevant accounting change.
2
“Change in accounting standards” means the issue, revocation, amendment or recognition of, or withdrawal of recognition from, an accounting standard by an accounting body.
3
“Relevant accounting change” means a change in the way in which a company is permitted or required, for accounting purposes, to recognise amounts which—
a
are brought into account by the company as credits or debits for any period for the purposes of this Part, or
b
would be so brought into account but for any provision made by or under this Part.
4
Regulations under subsection (1) may amend this Part (apart from this section).
5
Regulations under subsection (1) may—
a
make different provision for different cases,
b
make incidental, supplemental, consequential and transitional provision and savings, and
c
make provision subject to an election or other specified circumstances.
6
Regulations making consequential provision by virtue of subsection (5)(b) may, in particular, include provision amending a provision of the Corporation Tax Acts.
7
Regulations under subsection (1) may apply to a pre-commencement period if they make provision in relation to a relevant accounting change which may or must be adopted, for accounting purposes, for a period of account (or part of a period of account) which coincides with that pre-commencement period.
8
In this section—
“accounting body” means the International Accounting Standards Board or the Accounting Standards Board, or a successor body to either of those Boards;
“accounting standard” includes any statement of practice, guidance or other similar document;
“pre-commencement period”, in relation to regulations, means an accounting period (or part of an accounting period) which begins before the regulations are made.
Pt. 7 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)