Chapter CFM80240
| Published date | 16 April 2016 |
| Record Number | CFM80240 |
| Court | HM Revenue & Customs |
This guidance applies to periods of account beginning before 1 January 2005
Only certain types of companies can use mark to market to account for any loans and debt instruments. These will mostly be banks, insurance companies and investment funds.
Mark to market means that the company’s balance sheet shows loans and debt instruments at their fair value, which may be higher or lower than cost. Any profits or losses due to changes in value will go to the profit and loss account or to reserves.
No accounting standard prescribes the use of mark to market accounting, which was regarded historically as involving an inappropriate anticipation of profits. However, accounts must give a ‘true and fair view’ of the financial position of a company, and mark to market is now seen as...
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