[F1357YFCompanies without GAAP-compliant accountsU.K.
(1)If a company—
(a)draws up accounts which are not GAAP-compliant accounts, or
(b)does not draw up accounts at all,
this Part applies as if GAAP-compliant accounts had been drawn up.
(2)Accordingly, references in this Part to amounts recognised for accounting purposes are references to amounts that would have been recognised if GAAP-compliant accounts had been drawn up for the period of account in question and any relevant earlier period.
(3)For this purpose a period of account is relevant to a later period if the accounts for the later period rely to any extent on amounts derived from the earlier period.
(4)In this section “GAAP-compliant accounts” means accounts drawn up in accordance with generally accepted accounting practice.]
Textual Amendments
F1Pt. 8C inserted (18.11.2015) (with effect in accordance with s. 38(9)-(12) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 38(3)