Regulation 1 Citation, commencement and effect

These Regulations may be cited as the Changes in Accounting Standards (Loan Relationships and Derivative Contracts) Regulations 2014 and come into force on 31st December 2014.

If in consequence of a relevant change in accounting policy a company adopts a relevant accounting change for a period of account beginning on or after 1st October 2012, these Regulations have effect in relation to the accounting period which coincides with that period and subsequent accounting periods.

For the purposes of paragraph (2), a relevant change in accounting policy has the same meaning as in regulation 12A(2) of the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004^f1 inserted by regulation 3(2) of these Regulations.