IFM12524 - Offshore Funds: Reporting funds: computation of reportable income: figures to be used in computation
Regulation 63 of SI 2009/3001
The starting point for calculating the reportable income of a reporting fund for a period of account is, in the case of a fund using International Accounting Standards, the 바카라 사이트榯otal comprehensive income for the period바카라 사이트� as expressed in IAS1, or alternatively for a fund not using IAS, an equivalent amount.
An 바카라 사이트榚quivalent amount바카라 사이트� means the amount specified in the fund바카라 사이트檚 application as 바카라 사이트榯otal comprehensive income for the period바카라 사이트� and agreed by HMRC as being equivalent. For example, in the case of a fund using UK GAAP it will be the 바카라 사이트渢otal return before distributions바카라 사이트� of the fund (see paragraph 3.33 of the Investment Association바카라 사이트檚 Statement of Recognised Practice (the Investment Association SORP - see IFM12526 for a definition of 바카라 사이트淚nvestment Association SORP바카라 사이트�).
See gov.uk for details of acceptable GAAPs.
Any adjustments to the starting point in reaching the figure for reportable income should only be made once, regardless of whether such an adjustment could fall to be made under more than one part of the Regulations, and where the result of the final calculation is negative then reportable income is taken to be nil.
The adjustments to be made to the starting figure in order to reach the figure for reportable income are explained in the following pages.