Section 314 | Power to make regulations about changes from amortised cost basis

(1)This section applies if the credits or debits to be brought into account for the purposes of this Part in respect of assets or liabilities of a company—

(a)are required in accordance with generally accepted accounting practice to be dealt with for accounting purposes using fair value accounting, and

(b)were previously dealt with for those purposes on an amortised cost basis.

(2)The Treasury may by regulations provide that the credits or debits must continue to be determined on an amortised cost basis of accounting.

(3)The regulations may—

(a)make different provision for different cases,

(b)make incidental, supplemental, consequential and transitional provision and savings, and

(c)make provision subject to an election or to other specified conditions.