The following amending regulations have been laid which come into force on 31 December 2015:
The following amending regulations have been laid which come into force on 31 December 2015:
· The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations, SI 2015/1960, to prevent double accounting under the rules for both loan relationships and derivative contracts.
· The Loan Relationships and Derivative Contracts (Exchange Gains and Losses using Fair Value Accounting) (Amendment) Regulations, SI 2015/1963, to update the definition of 'fair value accounting' as a result of the move to recognising the amount of profit or loss in commercial accounts.
· The Loan Relationships and Derivative Contracts (Change of Accounting Practice) (Amendment No. 2) Regulations, SI 2015/1962, to ensure that 'own credit risk' adjustments arising from an accounting change will be spread over five years.
· The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) (Amendment) Regulations, SI 2015/1961, to simplify the special rules on hedge accounting and prevent fair value hedges being brought into account on disposal of a foreign branch.
HMRC consulted on draft versions during October 2015.
The following amending regulations have been laid which come into force on 31 December 2015:
The following amending regulations have been laid which come into force on 31 December 2015:
· The Exchange Gains and Losses (Bringing into Account Gains or Losses) (Amendment) Regulations, SI 2015/1960, to prevent double accounting under the rules for both loan relationships and derivative contracts.
· The Loan Relationships and Derivative Contracts (Exchange Gains and Losses using Fair Value Accounting) (Amendment) Regulations, SI 2015/1963, to update the definition of 'fair value accounting' as a result of the move to recognising the amount of profit or loss in commercial accounts.
· The Loan Relationships and Derivative Contracts (Change of Accounting Practice) (Amendment No. 2) Regulations, SI 2015/1962, to ensure that 'own credit risk' adjustments arising from an accounting change will be spread over five years.
· The Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) (Amendment) Regulations, SI 2015/1961, to simplify the special rules on hedge accounting and prevent fair value hedges being brought into account on disposal of a foreign branch.
HMRC consulted on draft versions during October 2015.
