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:
“He that doth not as other men do, but endeavoureth that which ought to be done, shall thereby rather incur peril than preservation; for whoso laboureth to be sincerely perfect and good shall necessarily perish, living among men that are generally evil.”
—Sir Walter Raleigh (1552–1618)
“air or vacuum, snow or shale, squid or wolf, rose or lichen,
each is accepted into as much light as it will take,”
—Archie Randolph Ammons (b. 1926)
“At the crash of economic collapse of which the rumblings can already be heard, the sleeping soldiers of the proletariat will awake as at the fanfare of the Last Judgment and the corpses of the victims of the struggle will arise and demand an accounting from those who are loaded down with curses.”
—Karl Liebknecht (1871–1919)
“When any practice has become the fixed rule of the society in which we live, it is always wise to adhere to that rule, unless it call upon us to do something that is actually wrong. One should not offend the prejudices of the world, even if one is quite sure that they are prejudices.”
—Anthony Trollope (1815–1882)