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HMRC internal manual

Corporate Finance Manual

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HM Revenue & Customs
Updated
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Corporate Finance Manual: recent changes

Below are details of the amendments that were published on 16 March 2015 (see the update index for all updates)

Page Details of update
   
CFM21000-CFM27210  Wholesale changes made to incorporate new UK accounting standards which became mandatory on 1 January 2015. More information on these changes can be found here: https://www.gov.uk/government/publications/accounting-standards-the-uk-tax-implications-of-new-uk-gaap (GOV.UK website)
CFM21170-CFM21180  New pages on ‘amortised cost’ with examples.
CFM21505-CFM21508  New pages looking at interaction of IAS 32 and IAS 39.
CFM21640-CFM21650 Pages on ‘amortised cost’ moved, as above.
CFM21780 New page on ‘IAS 39: transition’.
CFM22540-CFM22590 Pages on ‘accrual accounting’ with examples deleted.
CFM24040-CFM24130 Pages on ‘derivative contracts’ deleted.
CFM24300-CFM24440  New pages on ‘accounting for derivatives’.
CFM26015 New page on ‘differences between SSAP 20 and FRS 26, IFRS and New UK GAAP’.
CFM27015 New page on ‘development of hedge accounting’
CFM27190-CFM27200 Pages on ‘macro hedging’ deleted.
CFM27220 Page on ‘transition to hedge accounting’ deleted
CFM57010-CFM57450  Wholesale changes made to reflect amending legislation that was passed in December 2014. More information on this can be found here: https://www.gov.uk/government/publications/taxation-of-corporate-debt-and-derivative-contracts-amendments-to-the-disregard-regulations-2004-technical-issues (GOV.UK website)

This chapter has also been updated to incorporate new UK accounting standards which became mandatory on 1 January 2015. More information on these changes can be found here:

https://www.gov.uk/government/publications/accounting-standards-the-uk-tax-implications-of-new-uk-gaap (GOV.UK website)    
  CFM57041 New page explaining the change from an ‘elect-out’ to ‘elect-in’ approach for the Disregard Regulations.
  CFM57071 New page on the default approach under the amended legislation.
  CFM57075 New page giving an overview of the three separate regulations that can be elected into under the Disregard Regulations.
  CFM57370 Page updated to show time limits for new adopters and revoking elections.
  CFM57371 New page explaining the anti-avoidance rule which has been introduced.