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New UK GAAP and tax on financial instruments

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The accounting treatment of financial instruments may change when the new frameworks sanctioned by FRS 100 are adopted by UK companies. Because the corporation tax treatment of loan relationships and derivative contracts is closely related to their accounting treatment, and because of the nature of the changes, the adoption of FRS 101 or FRS 102 may have far-reaching tax implications. UK companies will need to address these well in advance in order to avoid unforeseen and potentially costly tax consequences.

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