Part 3Multinational top-up tax

Chapter 10Definitions etc

Financial statements and accounting period

250Acceptable accounting standards

1

In this Part “acceptable accounting standards” means—

a

UK GAAP,

b

acceptable overseas GAAP, or

c

international financial reporting standards.

2

“UK GAAP”—

a

means generally accepted accounting practice in relation to accounts of UK companies (other than accounts prepared in accordance with international accounting standards or international financial reporting standards) that are intended to give a true and fair view, and

b

has the same meaning in relation to entities other than companies, and companies that are not UK companies, as it has in relation to UK companies.

3

“Acceptable overseas GAAP” means the generally accepted accounting practice and principles of any of the following—

  • Australia;

  • Brazil;

  • Canada;

  • an EEA state;

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

  • Japan;

  • Mexico;

  • New Zealand;

  • the People’s Republic of China;

  • the Republic of India;

  • the Republic of Korea;

  • Singapore;

  • Switzerland;

  • the United States of America.

4

The Treasury may by regulations amend subsection (3) to add or remove territories.

5

In this section “UK companies” means companies incorporated or formed under the law of a part of the United Kingdom.