Document ID: chunk:federal_register_of_legislation:C2013C00453:clause:1_6:p3
Version: federal_register_of_legislation:C2013C00453
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 3/3)
Character Range: 242621–244396

referred to in paragraph (1)(b) requires you to recognise an amount in loss in relation to the *arrangement. That amount of the forex realisation loss is the amount that the accounting standard requires you to recognise.

Section does not apply to amounts previously recognised in equity
 (4) Subsections (1), (2) and (3) do not apply to amounts that have previously been required by the standards referred to in paragraph 230‑255(2)(a) to be recognised in equity.

775‑310  When election ceases to apply to arrangement
 (1) For the purposes of this Division, a *foreign exchange retranslation election under subsection 230‑255(1) ceases to apply to an *arrangement from the start of an income year if the arrangement ceases to satisfy a requirement of paragraph 775‑295(1)(b) or (c) during that income year.
 (2) If the election ceases to apply to an *arrangement under subsection (1), the election cannot subsequently reapply to that arrangement (even if the requirements of paragraphs 775‑295(1)(b) and (c) are satisfied once more in relation to the arrangement).

775‑315  Balancing adjustment when election ceases to apply to arrangement
 (1) This section applies if:
 (a) you make a *foreign exchange retranslation election; and
 (b) the election ceases to have effect or ceases to apply to an *arrangement.
 (2) You are taken, for the purposes of this Division, to have:
 (a) disposed of the *arrangement for its fair value immediately before the election ceases to have effect or ceases to apply to the arrangement; and
 (b) reacquired the arrangement at its fair value immediately after the election ceases to have effect or ceases to apply to the arrangement.
Note: Paragraph (a) means that there would be a forex realisation event 9 in relation to the arrangement.