Part 5Loan Relationships
Chapter 3The credits and debits to be brought into account: general
Amounts recognised in determining a company's profit or loss
309Companies without GAAP-compliant accounts
(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 are references to the 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.
(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.