From 27 May 2011 the following rules do not apply to transparent reporting funds, as to which see B5.718A1.
A reporting fund must provide a computation of reportable income for a period of account, based on the 'total comprehensive income for the period' where IAS is used or based on the equivalent entries where it is not used2. Adjustments are made for capital items, special classes of income, and any arrangements to adjust income based on the number of units in issue (previously referred to as equalisation arrangements — see below). Any adjustment to the starting point figure is only made once even if such an adjustment could be made under more than one part of the regulations3. If the computation results in a negative amount the reportable income is nil4.
Capital and miscellaneous items
The capital items for which adjustment is required are profits, gains or losses that would fall within 'net capital gains/losses' in the statement of total return if the accounts were prepared
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