Section 143 | Included 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.