Section 595 General principles about the bringing into account of credits and debits

This Part operates by reference to the accounts of companies and amounts recognised for accounting purposes in those accounts.

The general rule is that the amounts to be brought into account by a company as credits or debits for any period for the purposes of this Part F1in respect of the matters mentioned in section 594A(1) are those which are recognised in determining the company's profit or loss for the period in accordance with generally accepted accounting practice F2... .

Subsections (2B) and (2C) apply if an accounting period of a company does not coincide with one or more of its periods of account.

The amounts referred to in subsection (2) are to be determined by apportionment in accordance with section 1172 of CTA 2010 (time basis).

But if it appears that apportionment in accordance with that section would work unreasonably or unjustly for an accounting period, subsection (2) is to be read as referring to amounts that would have been recognised in determining the company's profit or loss for that period in accordance with generally accepted accounting practice if accounts had been drawn up for that period.

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This section is subject to the following provisions of this Part.

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