CIRD70505 - Telecommunications licences and
rights: accounting and groups: ‘taken into
account’
FA00/SCH23 talks about amounts ‘taken into account’
for accounting purposes. The aim of the schedule is to ensure that
we follow for tax purposes the correct accounting treatment.
A description of UK GAAP as it applies to intangibles can be
found at
CIRD30500 onwards.
Accounting treatment: definitions
- 'Normal accounting practice' means normal
accounting practice with respect to statutory accounts of companies
incorporated in the UK. FA02/S103 replaced the phrase 'normal
accounting practice' with the phrase ‘generally accepted
accounting practice’ (GAAP) meaning GAAP with respect to
accounts of UK companies that are intended to give a true and fair
view (ICTA88/S836A).
- 'Statutory accounts' means accounts
required by, and meeting the requirements of, S226 of the Companies
Act 1985 or the corresponding Northern Ireland or overseas
provisions.
- 'For tax purposes' means for the purposes
of calculating profits chargeable to income tax or CT.
