Textual Amendments
F1Pt. 10: the existing Pt. 10 renumbered as Pt. 11 (except for ss. 375, 376 which are repealed), the existing ss. 372-374, 377-382 renumbered as ss. 499-507 and a new Pt. 10 (ss. 372-498) inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1, 10(1)(2)(a)(3) (with Sch. 5 paras. 27, 32-34)
Modifications etc. (not altering text)
C1Pt. 10 excluded by 2010 c. 4, s. 937NA (as inserted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 7)
C2Pt. 10 excluded by 2010 c. 4, s. 938V(d) (as substituted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 9)
C3Pt. 10 excluded by 2010 c. 4, s. 938N(e) (as substituted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 8)
(1)This section applies where financial statements of a worldwide group for a period drawn up by or on behalf of the ultimate parent are not drawn up on acceptable principles.
(2)For the purposes of this Part (apart from this section)—
(a)the financial statements mentioned in subsection (1) are to be ignored, and
(b)IAS financial statements of the worldwide group are treated as having been drawn up in respect of the period.
(3)For the purposes of this Chapter financial statements are “drawn up on acceptable principles” only if condition A, B, C or D is met.
(4)Condition A is that the financial statements are IAS financial statements.
(5)Condition B is that the amounts recognised in the financial statements are not materially different from those that would be recognised in IAS financial statements of the worldwide group, if such statements were drawn up.
(6)Condition C is that the financial statements are drawn up in accordance with UK generally accepted accounting practice.
(7)Condition D is that the financial statements are drawn up in accordance with generally accepted accounting principles and practice of one of the following territories—
(a)Canada;
(b)China;
(c)India;
(d)Japan;
(e)South Korea;
(f)the United States of America.
(8)The Commissioners may by regulations amend this section so as to alter the circumstances in which financial statements are “drawn up on acceptable principles” for the purposes of this Chapter.]