- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
9.—(1) This regulation makes transitional provisions in relation to any company which at any time before the start of the first period of account beginning on or after 1st January 2015 uses fair value accounting in relation to a derivative contract which satisfies the conditions in regulation 7(1)(a), 8(1)(a) or 9(1).
(2) At the start of the first period of account beginning on or after 1st January 2015—
(a)the company is treated as having made an election under regulation 6A of the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004 (as amended by these Regulations) except to the extent that an election under regulation 6 (the “original election”) of those Regulations (as they stood before the coming into force of these Regulations) had effect before the coming into force of these Regulations,
(b)the election treated as being made has effect in relation to derivative contracts held by the company in that period and subsequent periods (subject to any amendment or revocation of the election under regulation 6A(4)(b)(ii)), and
(c)the original election, if any, is treated as revoked.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: