IFM12440 | Offshore Funds: Reporting funds: preparation of accounts: changes in accounting policy

Regulation 60 of SI 2009/3001

Where a fund changes its accounting policy from one period of account to the next one in accordance with the law and practice in relation to each of those periods, and that change results in a change in the accounting value of an asset or a liability of the fund, then a corresponding debit or credit (as appropriate) must be brought into account for the later period.

Here, ‘accounting value’ means the carrying value of the asset or liability recognised for accounting purposes.