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:
“Wherever there is interest and power to do wrong, wrong will generally be done.”
—James Madison (1751–1836)
“For some reason a nation feels as shy about admitting that it ever went forth to war for the sake of more wealth as a man would about admitting that he had accepted an invitation just for the sake of the food. This is one of humanity’s most profound imbecilities, as perhaps the only justification for asking one’s fellowmen to endure the horrors of war would be the knowledge that if they did not fight they would starve.”
—Rebecca West (1892–1983)
“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)
“To know how to be content, and to be so, protects one from disgrace; to know self-restraint and practice it protects one from shame.”
—Chinese proverb.
Lao-tzu.