{
  "url": "https://openlegislation.uk/finance-act-2011/schedule-19/paragraph-42",
  "json_url": "https://openlegislation.uk/finance-act-2011/schedule-19/paragraph-42.json",
  "legislation": "ukpga/2011/11",
  "legislation_title": "Finance Act 2011",
  "legislation_url": "https://openlegislation.uk/finance-act-2011",
  "path": "schedule/19/paragraph/42",
  "kind": "paragraph",
  "number": "42",
  "heading": null,
  "text": "(1) This paragraph applies for the purposes of this Schedule.\n(2) References to consolidated financial statements for a period include references to a consolidated balance sheet (or consolidated statement of financial position) as at the last day of the period.\n(3) References to financial statements for a period include references to a balance sheet (or statement of financial position) as at the last day of the period.\n(4) References to amounts recognised in consolidated financial statements or financial statements include references to an amount comprised in an amount so recognised.\n(5) Sub-paragraph (6) applies if an amount for the chargeable period, or as at the last day of the chargeable period, is so recognised in a currency other than sterling.\n(6) The amount is to be translated into its sterling equivalent by reference to the spot rate of exchange for the last day of the chargeable period.\n(7) If consolidated financial statements or financial statements for the chargeable period are not prepared in a way which complies with the relevant accounting framework under which the statements are prepared, the statements are to be adjusted as necessary to ensure that they comply.\n(8) In sub-paragraph (7) “ relevant accounting framework ” means—\n(a) international accounting standards,\n(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 19 para. 42(8)(b)(c) omitted (with effect in accordance with Sch. 9 para. 35 of the amending Act) by virtue of Finance Act 2018 (c. 3), Sch. 9 para. 29(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Sch. 19 para. 42(9)(10) omitted (with effect in accordance with Sch. 9 para. 35 of the amending Act) by virtue of Finance Act 2018 (c. 3), Sch. 9 para. 29(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2011/11/schedule/19/paragraph/42",
    "retrieved_at": "2026-10-29T09:09:31.813616+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}