Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A * foreign exchange retranslation election applies to an * arrangement for the purposes of this Subdivision if:
(a) you start to have the arrangement after the start of the income year in which the election is made; and
(b) the arrangement is recognised in financial reports of a kind referred to in paragraph 230 - 255(2)(a) that are audited, or required to be audited, as referred to in paragraph 230 - 255(2)(b); and
(c) the arrangement is one in relation to which you are required by:
(i) * accounting standard AASB 121 (or another accounting standard prescribed for the purposes of paragraph 230 - 265(1)(c)); or
(ii) if that standard does not apply to the preparation of the financial report--a comparable accounting standard that applies to the preparation of the financial report under a * foreign law;
to recognise, in the financial reports referred to in paragraph 230 - 255(2)(a), amounts in profit or loss (if any) that are attributable to changes in currency exchange rates.
(2) The * foreign exchange retranslation election does not apply to an * arrangement for the purposes of this Subdivision if:
(a) the election is made by the * head company of a * consolidated group or * MEC group; and
(b) the election specifies that the election is not to apply to * financial arrangements in relation to * life insurance business carried on by a member of the consolidated group or MEC group; and
(c) the arrangement is one that relates to the life insurance business carried on by a member of the consolidated group or MEC group.
(3) The * foreign exchange retranslation election does not apply to an * arrangement for the purposes of this Subdivision if the arrangement is associated with a business of a kind specified in regulations made for the purposes of subsection 230 - 270(4).