This workshop paper covers the following topics:
- compounding accruals - potential impacts of this fundamental default rule
- realisation - what will still be on a cash/realisation basis?
- fair value - who will elect and to what extent?
- retranslation - the rules / interaction with the Forex Rules
- hedging - the perceived benefits of electing into hedging.
This paper was also presented at the 'Taxation of Financial Arrangements' seminars held in Melbourne on 9 March 2006 and Sydney on 22 March 2006.