118(1)This paragraph applies if either of the following provisions of CTA 2009 applies in relation to the first accounting period of a company beginning on or after 1 January 2016—
(a)section 316 (change of accounting policy involving change of value), as substituted by paragraph 10, and
(b)section 318 (change of accounting policy following cessation of loan relationship), as amended by paragraph 12.
(2)The overall transitional adjustment required by paragraphs 115 and 116 is to be calculated and applied before calculating any credit or debit required by section 316 or 318 of CTA 2009.