717-563 Effect of the Change of Accounting Practice (COAP) Regulations
All subsequent references are to the COAP Regulations unless otherwise stated. The COAP Regulations generally provide that the impact of changes in accounting practice may be spread over a ten year period.
Under Reg. 4, the rules apply to any debits or credits which represent an adjustment arising from a change in accounting policy which must be brought into account in accordance with
(1)CTA 2009, s. 308 – amounts recognised in profit and loss, including amounts previously recognised in other comprehensive income;
(2)CTA 2009, s. 316 - a change of basis of accounting involving change of value of a loan relationship;