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:
“In doing good, we are generally cold, and languid, and sluggish; and of all things afraid of being too much in the right. But the works of malice and injustice are quite in another style. They are finished with a bold, masterly hand; touched as they are with the spirit of those vehement passions that call forth all our energies, whenever we oppress and persecute..”
—Edmund Burke (1729–97)
“The book has never been written which is to be accepted without any allowance.”
—Henry David Thoreau (1817–1862)
“I, who am king of the matter I treat, and who owe an accounting for it to no one, do not for all that believe myself in all I write. I often hazard sallies of my mind which I mistrust.”
—Michel de Montaigne (1533–1592)
“In my practice I’ve seen how people have allowed their humanity to drain away. Only it happens slowly instead of all at once. I didn’t seem to mind.... All of us, a little bit. We harden our hearts. Grow callous. Only when we have to fight to stay human do we realize how precious it is to us, how dear.”
—Daniel Mainwaring (1902–1977)