CIRD70505 - Telecommunications licences and rights: accounting and groups: 'taken into account'

FA00/SCH23 talks about amounts 鈥榯aken into account鈥� for accounting purposes. The aim of the schedule is to ensure that we follow for tax purposes the correct accounting treatment.

A description of UK GAAP as it applies to intangibles can be found at CIRD30500 onwards.

Accounting treatment: definitions

  • 鈥楴ormal accounting practice鈥� means normal accounting practice with respect to statutory accounts of companies incorporated in the UK. FA02/S103 replaced the phrase 鈥榥ormal accounting practice鈥� with the phrase 鈥榞enerally accepted accounting practice鈥� (GAAP) meaning GAAP with respect to accounts of UK companies that are intended to give a true and fair view (ICTA88/S836A).
  • 鈥楽tatutory accounts鈥� means accounts required by, and meeting the requirements of, S394 of the Companies Act 2006 or the corresponding Northern Ireland or overseas provisions.
  • 鈥楩or tax purposes鈥� means for the purposes of calculating profits chargeable to income tax or CT.