Document ID: chunk:federal_register_of_legislation:C2025C00029:section:11:p3
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 11 (pt 3/3)
Character Range: 7664829–7665678

Subdivision is, for the purposes of reducing compliance costs and reflecting commercial practice, to allow certain entities (or parts of entities) whose accounts are kept solely or predominantly in a particular *foreign currency (the functional currency) to calculate their net incomes by reference to the functional currency.

960‑60  You may choose a functional currency
 (1) The table has effect:

Choosing to use a functional currency
Item                                   If you are:                                                                                                                           you may choose to use the *applicable functional currency to...                                                                                                                                              with effect from the start of...