Section 357YF Companies without GAAP-compliant accountsF1

If a company—

this Part applies as if GAAP-compliant accounts had been drawn up.

Accordingly, references in this Part to amounts recognised for accounting purposes are references to amounts that would have been recognised if GAAP-compliant accounts had been drawn up for the period of account in question and any relevant earlier period.

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.

In this section “GAAP-compliant accounts” means accounts drawn up in accordance with generally accepted accounting practice.