SolvedCIRD30065 | Intangible assets: GAAP: conformity with: is required for CTA09/PART8
From HM Revenue & Customs · Corporate Intangibles Research and Development Manual
CTA09/PART8 requires that the accounting entries, on which the new rules are based, must conform to GAAP, as defined in CTA10/S1127 (see CIRD30020).
As a matter of statutory construction this is achieved in two ways:
the expression ‘for accounting purposes’, used throughout CTA09/PART8, is defined in CTA10/S1127(4) as ‘for the purpose of accounts drawn up in accordance with generally accepted accounting practice’ as defined in CTA10/S1127(1).
where accounts of this kind are not prepared, CTA09/S717 requires its provisions to be applied as if such accounts have been prepared.