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Financial Instruments / Derivative Contracts |
See Also
Expense analysis | Short term timing / temporary differences
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
The schedule allows the user to analyse income and expenses relating to financial instruments and derivative contracts. The schedule applies the new derivative contract regime to investment income and interest payable for accounting periods beginning on or after 1 October 2002, and makes appropriate entries on the Loan Relationship schedule. The schedule also reconciles the amounts charged through the profit and loss account or through reserves.
One copy of this schedule may be developed from the A schedule by selecting Develop, Tax, Financial Instruments/Derivative Contracts. Alternatively, it is created automatically the first time that the Link financial instruments/derivative contracts option is used from an Expense analysis schedule. By selecting the relevant row to link from, the amount chosen is posted to a new row inserted on the Financial instruments/Derivative contracts schedule.
The user must complete the financial instruments/derivative contracts schedule by analysing the amounts falling within the derivative contract rules into the four types of derivative contracts item:
Income tax (suffered)/deducted
There are columns to enter details of tax deducted from payments made. These are located to the right-hand side of the schedule.
Taxable/(deductible) in later periods
Where relief is deferred, these should be entered accordingly using the correct sign notation. These amounts will then be posted to the Short term timing differences schedule contained within the 'F' schedule pack.
This schedule does not have any standard sub-schedules.
On carry forward, this schedule is automatically developed in the subsequent computation if it is present in the prior year computation. In the subsequent computation, the Taxable/(deductible) amount brought forward is completed automatically.
© 2009 Thomson Reuters.