Section 871 — Corporation Tax Act 2009: Introduction to Chapter

Introduction to Chapter 871 1 This Chapter applies if—

a there is a change of accounting policy in drawing up a company's accounts from one period of account to the next, and b the approach in each of those periods accords with the law and practice applicable in relation to that period.

2 In this Chapter—

a the first of those periods of account is referred to as “ the earlier period ”, and b the next is referred to as “ the later period ”.

3 This Chapter applies, in particular, if—

a the company prepares accounts for the earlier period in accordance with UK generally accepted accounting practice and for the later period in accordance with international accounting standards, or b the company prepares accounts for the earlier period in accordance with international accounting standards and for the later period in accordance with UK generally accepted accounting practice.