The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) (Amendment) Regulations 2014
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Change 1
9 Transitional provision
(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.
9 Transitional provision
(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.
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