UITF Abstract 19 Tax on Gains and Losses on Foreign Currency Borrowings
Issued February 1998. Effective accounting periods ending on or after 23 March 1998. Amended on issue of FRS 23 December 2004.
UITF Abstract 19 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015. For more information visit:
Synopsis
Where exchange differences on foreign currency borrowings that have been used to finance or provide a hedge against equity investments in foreign enterprises are taken to reserves then the tax charge/credit directly attributable to these exchange differences is also taken to reserves and both are reported in the statement of total recognised gains and losses.
Last updated 21 June 2015
