# Corporation Tax Act 2009, Section 599: Meaning of “amounts recognised for accounting purposes”


(1) If a company—
(a) draws up accounts which are not GAAP-compliant accounts, or
(b) does not draw up accounts at all,
this Part applies as if GAAP-compliant accounts had been drawn up.
(2) Accordingly, references in this Part to amounts recognised for accounting purposes include references to the amounts which would have been recognised if GAAP-compliant accounts had been drawn up for the period of account in question and any relevant earlier period.
(3) For this purpose a period of account is relevant to a later period if the accounts for the later period rely to any extent on amounts derived from the earlier period.
(4) In this section “GAAP-compliant accounts” means accounts drawn up in accordance with generally accepted accounting practice.

---
Source: https://www.legislation.gov.uk/ukpga/2009/4/section/599 (the official version)
Page: https://openlegislation.uk/corporation-tax-act-2009/section-599
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.