Section 357YF — Corporation Tax Act 2010: Companies without GAAP-compliant accounts

Companies without GAAP-compliant accounts 357YF 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.