Related Commentary  

5(1)  Where in any accounting period–

(a)a company holds more than one asset in relation to which there are amounts of exchange gains and losses falling within regulations 3 or 4; and

(b)the currency–

(i)in which the assets are denominated and the liability mentioned in regulation 3(1) expressed; or

(ii)which is the underlying subject matter of the derivative contract mentioned in regulation 4(1),

is the same currency, the extent to which an asset is matched is determined in accordance with the following rules.

Rule 1

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