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Accounting periods beginning on or after 1 January 2016

For accounting periods beginning on or after 1 January 2016 the amounts that are brought into account in computing a company's loan relationship profits are amounts that, in accordance with generally accepted accounting practice, are recognised in the company accounts for the relevant period as an item of profit or loss. This includes amounts that were previously recognised as an item of other comprehensive income and have been transferred to become an item of profit or loss in determining the company's profit or loss for the relevant accounting period. The term 'item of profit or loss' and 'item of other comprehensive income' each has the meaning that it has for accounting purposes¹. Transitional rules apply where amounts that were recognised in other comprehensive income for accounting periods beginning before 1 January 2016 were taken into account in computing a company's loan relationship profits for such accounting periods. An amount equal and opposite to the net debits or credits that have been so recognised (and have not been reversed