Article 9 - Material Competitive Distortions

Where the application of a specific principle or procedure under a set of generally accepted accounting principles results in a Material Competitive Distortion, the accounting treatment of any item or transaction subject to that principle or procedure shall be adjusted to conform to the treatment required for that item or transaction under International Financial Reporting Standards in accordance with any Administrative Guidance. A Decision shall be issued by the Minister after the approval of the Cabinet to specify provisions related to Material Competitive Distortions.