Section 357YF | Companies without GAAP-compliant accounts ^F1

(1)If a company—^F1

(a)draws up accounts which are not GAAP-compliant accounts, or^F1

(b)does not draw up accounts at all,^F1

this Part applies as if GAAP-compliant accounts had been drawn up.

(2)Accordingly, references in this Part to amounts recognised for accounting purposes are references to amounts that would have been recognised if GAAP-compliant accounts had been drawn up for the period of account in question and any relevant earlier period.^F1

(3)For this purpose a period of account is relevant to a later period if the accounts for the later period rely to any extent on amounts derived from the earlier period.^F1

(4)In this section “GAAP-compliant accounts” means accounts drawn up in accordance with generally accepted accounting practice.^F1