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MTT09510 | Miscellaneous pages: Accounting terms: Acceptable accounting standards

From HM Revenue & Customs · Multinational Top-up Tax and Domestic Top-up Tax

Acceptable accounting standards include International Financial Reporting Standards and the generally accepted accounting practices and principles of the following territories:

  • Australia

  • Brazil

  • Canada

  • the People’s Republic of China

  • a European Economic Area (EEA) state

  • the Hong Kong Special Administrative Region of the People’s Republic of China

  • India

  • Japan

  • Mexico

  • New Zealand

  • the Republic of Korea

  • Singapore

  • Switzerland

  • the United Kingdom, and

  • the United States of America.

This is set out in Section 250 of Finance (No.2) Act 2023.