CTM76120 - Local currency accounting (FA00 scheme): transition

1. Management expenses, losses etc, brought forward in sterling into the first period when the revised rules apply are translated into the local currency at the London closing exchange rate for the last day of the immediately preceding accounting period. (FA00/S105 (2)).
   
   
2. Capital allowance pool values brought forward are also translated using the London closing exchange rate for the last day of the immediately preceding accounting period. (FA00/S105 (3)).
   
   
3. CTM76130 explains the only circumstance in which a company could elect to defer the commencement of the revised regime.