Document ID: chunk:federal_register_of_legislation:F2024L01740:front:0:p26
Version: federal_register_of_legislation:F2024L01740
Segment Type: other
Provision Reference: 
Character Range: 65902–68786

Equity Gain or Loss from a security held on behalf of a policyholder.

3‑45  Adjustment—Included Revaluation Method Gain or Loss
  In computing a Constituent Entity's GloBE Income or Loss for a Fiscal Year, adjust the Constituent Entity's Financial Accounting Net Income or Loss for the Fiscal Year so as to include any Included Revaluation Method Gain or Loss of the Constituent Entity for the Fiscal Year.

3‑50  Meaning of Included Revaluation Method Gain or Loss and Other Comprehensive Income
 (1) Included Revaluation Method Gain or Loss for a Fiscal Year means the net gain or loss, increased or decreased by any associated Covered Taxes, for the Fiscal Year in respect of all property, plant and equipment that arises under an accounting method or practice that:
 (a) periodically adjusts the carrying value of such property to its fair value; and
 (b) records the changes in value in Other Comprehensive Income; and
 (c) does not subsequently report the gains or losses recorded in Other Comprehensive Income through profit and loss.
 (2) Other Comprehensive Income means items of income and expense that are recognised, outside of the profit or loss account, in financial statements as required or permitted by the Authorised Financial Accounting Standard used in the Consolidated Financial Statements.
Note: Other Comprehensive Income is usually reported as an adjustment to equity in the statement of financial position (balance sheet).

3‑55  Adjustment—asymmetric foreign currency gains or losses
 (1) This section applies if a Constituent Entity's accounting functional currency for a Fiscal Year is different from its tax functional currency for the Fiscal Year.
 (2) In computing the Constituent Entity's GloBE Income or Loss for the Fiscal Year, adjust the Constituent Entity's Financial Accounting Net Income or Loss for the Fiscal Year so as to include a particular amount of taxable income or loss to the extent that:
 (a) the particular amount is:
 (i) attributable to fluctuations in the exchange rate between the accounting functional currency and tax functional currency; and
 (ii) included in computing the Constituent Entity's taxable income or loss; and
 (iii) not included in the Constituent Entity's Financial Accounting Net Income or Loss for the Fiscal Year; or
 (b) the particular amount is:
 (i) attributable to fluctuations in the exchange rate between the tax functional currency and another currency that is not the accounting functional currency; and
 (ii) not included in the Constituent Entity's Financial Accounting Net Income or Loss for the Fiscal Year (whether or not the particular amount is included in the Constituent Entity's taxable income or loss).
 (3) In computing the Constituent Entity's GloBE Income or Loss for the Fiscal Year, adjust the Constituent Entity's Financial Accounting Net Income or Loss for the Fiscal Year so as to