CFM84180 - Old rules: derivative contracts: basic rules pre FA 2004: profits, gains and losses
Profits, gains and losses
This guidance applies to periods of account beginning before 1 January 2005
The accounts of the company may show, either in the profit and loss account or reserves
- credits representing amounts received or receivable by the company under or in connection with the contract, or increases in the value of the contract
- debits relating to amounts the company has or is liable to pay, or reductions in the value of the contract.
All of these are included in 바카라 사이트˜profits, gains and losses바카라 사이트™. But the legislation particularly distinguishes 바카라 사이트˜charges and expenses바카라 사이트™, paid under or in connection with the contract, so that it can describe more specifically what expenses are allowable. (See CFM84210 for amounts taken to or from reserves.)
FA02/SCH26/PARA15(3)(b) makes clear that forward premiums and discounts arising on a currency contract are included in the credits and debits to be brought into account.