Related Commentary  

177(1)  This section applies in any case where at any time on or after 30th September 2002–

(a)a qualifying company becomes party to a qualifying contract which is a currency contract or currency option, or

(b)the terms of such a qualifying contract held by such a company are varied,

and the conditions in subsection (2) are, or subsequently become, satisfied.

177(2)  The conditions are that–

(a)in accordance with generally accepted accounting practice, the company in preparing its statutory accounts uses the exchange rate implied by the qualifying contract (“the accounting rate” );

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