Amendments to the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 20045

In regulation 6A (election to apply regulations 7, 8 or 9)3—

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”.