| 单词 | generally accepted accounting practice |
| 释义 | generally accepted accounting practice generally accepted accounting practice(GAAP) In the UK, the practices generally followed by accountants in preparing company accounts. These are defined chiefly by issued accounting standards but also by theoretical accounting concepts and the requirements of company law and the stock exchange. Increasingly, UK tax law has taken accounting practice as the rule to determine the amount of profit on which tax is imposed. In the Finance Act 2000, statute, for the first time, used the concept of ‘normal accounting practice’ to enact anti-avoidance legislation (in this case, to prohibit a company from obtaining a tax advantage by triggering a capital gain on the sale of its future rents). |
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