Generally Accepted Accounting Practice (UK)

Generally Accepted Accounting Practice (UK)

Generally Accepted Accounting Practice in the UK, or UK GAAP, is the overall body of regulation establishing how company accounts must be prepared in the United Kingdom. This includes not only accounting standards, but also UK company law.

Generally accepted accounting practice is a statutory term in the UK Taxes Acts. The abbreviation "UK GAAP" is also accepted as an abbreviation for the term used in other jurisdictions, Generally Accepted Accounting Principles, or Generally Accepted Accounting Policies.

Read more about Generally Accepted Accounting Practice (UK):  History, Process For Setting Standards, Legislation

Famous quotes containing the words generally, accepted, accounting and/or practice:

    “Take us generally as a people, we are neither lazy nor idle; and considering how little we have to excite or stimulate us, I am almost astonished that there are so many industrious and ambitious ones to be found; although I acknowledge, with extreme sorrow, that there are some who never were and never will be serviceable to society. And have you not a similar class among yourselves?”
    —Maria Stewart (1803–1879)

    “And what is an authentic madman? It is a man who preferred to become mad, in the socially accepted sense of the word, rather than forfeit a certain superior idea of human honor. So society has strangled in its asylums all those it wanted to get rid of or protect itself from, because they refused to become its accomplices in certain great nastinesses. For a madman is also a man whom society did not want to hear and whom it wanted to prevent from uttering certain intolerable truths.”
    —Antonin Artaud (1896–1948)

    “I, who am king of the matter I treat, and who owe an accounting for it to no one, do not for all that believe myself in all I write. I often hazard sallies of my mind which I mistrust.”
    —Michel de Montaigne (1533–1592)

    “To know how to be content, and to be so, protects one from disgrace; to know self-restraint and practice it protects one from shame.”
    —Chinese proverb.

    Lao-tzu.