Singapore legislation
Regulation 15
Regulation 15
Included revaluation method gain or loss
Subregulation 1
The FANIL of a constituent entity of an MNE group for a financial year must be adjusted by adding any amount of gain, and subtracting any amount of loss, for any included revaluation method gain or loss for that financial year.
Subregulation 2
In this regulation —
Definition
“included revaluation method gain or loss” means a gain or loss before tax arising as a result of the use of an accounting method or practice that —
periodically adjusts the carrying value of the constituent entity’s property, plant and equipment to its fair value;
records the changes in value in other comprehensive income; and
does not subsequently report the gains or losses recorded in other comprehensive income through the profit and loss account;
Definition
“property, plant and equipment” means any tangible asset that —
is held by an entity for its use in the production or supply of goods or services, for rental to another person or entity, or for its administrative purposes; and
is expected to be used in more than one financial year.