Generally Accepted Accounting Practice (UK)
Generally Accepted Accounting Practice in the UK, or UK GAAP, is the overall body of regulation establishing how company accounts must be prepared in the United Kingdom. This includes not only accounting standards, but also UK company law.
Generally accepted accounting practice is a statutory term in the UK Taxes Acts. The abbreviation "UK GAAP" is also accepted as an abbreviation for the term used in other jurisdictions, Generally Accepted Accounting Principles, or Generally Accepted Accounting Policies.
Read more about Generally Accepted Accounting Practice (UK): History, Process For Setting Standards, Legislation
Famous quotes containing the words generally, accepted, accounting and/or practice:
“Commercial shackles are generally unjust, oppressive, and impolitic.”
—James Madison (1751–1836)
“I don’t think the ladies in town accepted the fact that I worked. That was the point at which I said to myself, well, you’re always going to be out of step and you might as well face it.”
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“Those who make a practice of comparing human actions are never so perplexed as when they try to see them as a whole and in the same light; for they commonly contradict each other so strangely that it seems impossible that they have come from the same shop.”
—Michel de Montaigne (1533–1592)