Corporation tax – General accepted accounting principles. Overall, the focus of paragraphs 9 to 14 of Financial Reporting Standard 23 (FRS 23) was on economic factors. The term 'functional' currency itself gave something of a clue of the need to concentrate on what the entity actually did. Paragraph 11(a) of FRS 23 referred to whether the foreign operation's activities were carried on as an extension of the parent, rather than on whether those activities were carried on with a significant degree of autonomy. Consequently, the Upper Tribunal (Tax Chamber)(Tax and Chancery Chamber) dismissed the taxpayer's appeal against the decision of the First-tier Tribunal (Tax Chamber) that the taxpayer's argument to the effect that a dollar functional currency had been appropriate because all material decisions in relation to the taxpayer had been take by employees of the taxpayer's US parent company, could not be accepted.