Part 16Income Tax Acts definitions etc
Chapter 1Definitions
C1997Meaning of “generally accepted accounting practice” and related expressions
1
In the Income Tax Acts “generally accepted accounting practice” means UK generally accepted accounting practice.
This is subject to subsection (3).
2
In the Income Tax Acts “UK generally accepted accounting practice”—
a
means generally accepted accounting practice in relation to accounts of UK companies (other than IAS accounts) that are intended to give a true and fair view, and
b
has the same meaning in relation to—
i
individuals,
ii
entities other than companies, and
iii
companies that are not UK companies,
as it has in relation to UK companies.
3
In relation to the affairs of a company or other entity that prepares IAS accounts, in the Income Tax Acts “generally accepted accounting practice” means generally accepted accounting practice in relation to IAS accounts.
4
In the Income Tax Acts “for accounting purposes” means for the purposes of accounts drawn up in accordance with generally accepted accounting practice.
5
In the Income Tax Acts “international accounting standards” has the same meaning as in the Corporation Tax Acts (see F1section 1127 of CTA 2010).
6
In this section—
“IAS accounts” means accounts prepared in accordance with international accounting standards, and
“UK companies” means companies incorporated or formed under the law of a part of the United Kingdom.