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
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