Amendments to the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004
This section has no associated Explanatory Memorandum
5. In regulation 6A (election to apply regulations 7, 8 or 9)(1)—
(a)in paragraph (3)(b) for “in relation to which the company uses fair value accounting” substitute “which the company measures at fair value”,
(b)in paragraph (4)(b) for “in any other case” substitute “either”, and
(c)in paragraph (5)—
(i)in sub-paragraph (a) for the words from “adopts” to the end substitute “measures a relevant derivative contract at fair value for the first time on or after 1st January 2015”, and
(ii)in sub-paragraph (b) for “uses fair value accounting in relation to a relevant derivative contract” substitute “measures a relevant derivative contract at fair value”.
(1)
Regulation 6A was inserted by SI 2014/3188.