The Loan Relationships and Derivative Contracts (Change of Accounting Practice) (Amendment) Regulations 2015

• Citation: S.I. 2015/1541
• Sections: 2

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Loan Relationships and Derivative Contracts (Change of Accounting Practice) (Amendment) Regulations 2015 and come into force on 7th August 2015.

(2) These Regulations have effect in relation to periods of account beginning on or after 1st January 2015.

Section 2 Amendments to the Loan Relationships and Derivative Contracts (Change of Accounting Practice) Regulations 2004

(1) Regulation 4 of the Loan Relationships and Derivative Contracts (Change of Accounting Practice) Regulations 2004 is amended as follows.

(2) In paragraph (2), at the beginning insert “Subject to paragraph (2A),”.

(3) After paragraph (2) insert—

(2A) But paragraph (2) does not apply to debits and credits in respect of impairment losses arising on the application of the recognition and measurement provisions of International Financial Reporting Standard 9 issued by the International Accounting Standards Board on 24th July 2014.