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Version Superseded: 17/07/2012
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There are currently no known outstanding effects for the Taxation (International and Other Provisions) Act 2010, Section 348.
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(1)This section applies if financial statements of the worldwide group are not drawn up in respect of a period (“the relevant period”).
(2)If the relevant period is 12 months or less, this Part (apart from this section) applies as if IAS financial statements had been drawn up in respect of the relevant period.
(3)If the relevant period is more than 12 months, this Part (apart from this section) applies as if IAS financial statements had been drawn up in respect of each period to which subsection (4) applies.
(4)This subsection applies to a period if—
(a)it is the first period of 12 months falling within the relevant period,
(b)it is a period of 12 months falling within the relevant period that begins immediately after the end of the period mentioned in paragraph (a), or immediately after the end of a period determined under this paragraph, or
(c)it is a period of less than 12 months that—
(i)begins immediately after the end of the period mentioned in paragraph (a) or after the end of a period determined under paragraph (b), and
(ii)ends at the end of the relevant period.
(5)In this section, references to IAS financial statements of the worldwide group for a period are to financial statements of the group for the period drawn up in accordance with international accounting standards.
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