Citation, commencement and effect

1. —(1) These Regulations may be cited as the Corporation Tax (Tax Treatment of Financing Costs and Income) (Acceptable Financial Statements) Regulations 2009.

(2) These Regulations shall come into force on 1st January 2010.

(3) Subject to paragraph (4), these Regulations shall have effect in relation to periods of account beginning on or after 1st January 2010.

(4) Paragraph (5) of regulation 2 shall have effect only in relation to periods of account beginning on or after 1st April 2011.

Acceptable financial statements

2. —(1) Financial statements are acceptable for the purposes of paragraph 88 of Schedule 15 to the Finance Act 2009(non-compliant financial statements of worldwide group) if they meet one of conditions A to D.

(2) Condition A is that the financial statements are drawn up in accordance with international accounting standards adopted with modifications by the European Commission in accordance with Regulation (EC) No 1606/2002 2 ).

(3) Condition B is that the financial statements are drawn up in accordance with UK generally accepted accounting practice.

(4) Condition C is that the financial statements are drawn up in accordance with generally accepted accounting principles or practice of one of the following territories—

(a) Canada,

(b) China,

(c) Japan,

(d) South Korea,

(e) the United States of America.

(5) Condition D is that the financial statements are drawn up in accordance with generally accepted accounting principles or practice of India.