CIRD30065 - Intangible assets: GAAP: conformity with: is required for Schedule 29

ICTA88/S832 and FA02/SCH29/PARA5

Schedule 29 requires that the accounting entries, on which the new rules are based, must conform to GAAP, as defined in FA04/S50 (see CIRD30020).

As a matter of statutory construction this is achieved in two ways:

• the expression ‘for accounting purposes’, used throughout Schedule 29, is defined in ICTA88/S832 ‘for the purpose of accounts drawn up in accordance with generally accepted accounting practice’ as defined in section FA04/S50.
• where accounts of this kind are not prepared, paragraph 5 requires its provisions to be applied as if such accounts have been prepared.