Annex 1: Minor changes in the law Change 8: Trading losses: restrictions: contribution to the firm in place of contribution to the trade: sections 56, 57, 58, 59, and 60 Profits or losses in accordance with generally accepted accounting practice
The Act provides explicitly, where the source legislation did not, instances where a reference to profits or losses means amounts calculated in accordance with generally accepted accounting practice. See sections 57(9) and 60(4).