CIRD30020 - Intangible assets: GAAP: definition

FA04/S50

When the regime was introduced GAAP was defined by section ICTA88/S836A to mean UK GAAP but the definition of GAAP is expanded to include IAS by FA04/S50 (1) which replaces ICTA88/S836A with effect for accounting periods beginning on or after 1 January 2005.

IAS is defined by FA04/S50 (2) as those standards within the meaning of EC Regulation No. 1606/2002. Where the European commission has not adopted a particular standard then either the unadopted standard or the UK GAAP equivalent is deemed to be IAS by FA04/S50 (3).

UK GAAP means GAAP with respect to UK companies (other than IAS accounts) that are intended to give a true and fair view. UK companies means companies incorporated or formed under the law of a part of the UK, FA04/S50 (4).

See CIRD30500 for a summary of the GAAP most relevant to the computational rules in Schedule 29.