Chargeable equity and liabilities: relevant foreign banks: attribution of chargeable equity and liabilities to a branch: determining 'B' the assets of the UK branch (step 2): introduction
Paragraph 26 of Schedule 19
In reality and for legal purposes the UK branch is simply a part of the foreign bank. Therefore, the starting point for determining the assets of the UK branch will be the accounts of the foreign bank, which will include the UK branch assets.
Assets to be attributed to the UK branch are determined are those that would have been recognised in accounts prepared under IAS or UK GAAP. Where the foreign bank prepares accounts under another accounting framework, adjustments will be required in order to bring the asset amounts in line with those that would have been recognised and measured under IAS or UK GAAP.