Part 3Multinational top-up tax
Chapter 4Calculation of adjusted profits of members of a multinational group
Adjustments of underlying profits
143Included revaluation method gain or loss
1
The underlying profits of a member of a multinational group are to be adjusted so as to include any relevant revaluation method gain or loss.
2
“Relevant revaluation method gain or loss” means a gain or loss, before making any adjustment to reflect tax expense amounts, arising as a result of the use of an accounting method or practice that—
a
periodically adjusts the carrying value of the member’s property, plant and equipment to its fair value,
b
records the changes in value in other comprehensive income, and
c
does not subsequently report the gains or losses through the profit and loss account.
3
In this Part—
“other comprehensive income”, in relation to a member of a multinational group, means items of income and expense that are recognised, in the underlying profits accounts, outside the profit and loss account;
“property, plant and equipment” has the meaning given, for the time being, by International Accounting Standard 16.