GIM6180 explains that consultation with industry about repealing FA00/S107 (4) revealed widespread dissatisfaction with the burden and complexities of the FA00/S107 regime. It was regarded as tolerable only because of the flexibilities afforded by the disclaimer. These discussions led to the repeal of FA00/S107 by FA07/SCH11/PARA4 and its replacement by an accounts and principles based approach.

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