[F1489References to amounts recognised in financial statementsU.K.
(1)References in this Part to an amount “recognised” in financial statements—
(a)include an amount comprised in an amount so recognised;
(b)are, where the amount is expressed in a currency other than sterling, to that amount translated into its sterling equivalent.
(2)The exchange rate by reference to which an amount is to be translated under subsection (1)(b) is the average rate of exchange for the period of account, calculated from daily spot rates.
(3)References in this Part to an amount recognised in financial statements “for a period” as an item of profit or loss include references to an amount that—
(a)was previously recognised as an item of other comprehensive income, and
(b)is transferred to become an item of profit or loss in determining the profit or loss for the period.]
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F1Pt. 10: the existing Pt. 10 renumbered as Pt. 11 (except for ss. 375, 376 which are repealed), the existing ss. 372-374, 377-382 renumbered as ss. 499-507 and a new Pt. 10 (ss. 372-498) inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of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)