Section 717 — Corporation Tax Act 2009: Companies without GAAP-compliant accounts

Companies without GAAP-compliant accounts 717 1 If a company—

a draws up accounts that 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 References in this Part to amounts recognised for accounting purposes are references to the amounts which 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.