CIRD30020 | Intangible assets: GAAP: definition

CTA10/S1127

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 replaced ICTA88/S836A with effect for accounting periods beginning on or after 1 January 2005. The applicable definition with effect from 1 April 2010 is set out in CTA10/S1127.

IAS is defined by CTA10/S1127(5) as those standards within the meaning of EC RegulationNo. 1606/2002. Where the European Commission has adopted a particular standard then either the unadopted standard or the UK GAAP equivalent is deemed to be IAS by CTA09/S1127(6).

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 (CTA10/S1127(7)).

See CIRD30500 for a summary of the GAAP most relevant to the computational rules in CTA09/PART8.