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Topic: UK generally accepted accounting principles

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	UK generally accepted accounting principles: Definition and Links by Encyclopedian.com
		The Generally Accepted Accounting Principles in the UK, or UK GAAP is an the overall body of regulation establishing how company accounts must be prepared in the United Kingdom.
		The ASB is a private-sector organisation, funded by the accounting firms, and it replaced the Accounting Standards Committee[?] (ASC), which was disbanded in 1990 following a number of criticisms of its work.
		The principal legislation governing reporting in the UK is laid down in the Companies Act 1985 and the Companies Act 1989 (together often referred to as the Companies Act[?]).
	www.encyclopedian.com /uk/UK-GAAP.html (474 words)

	Generally Accepted Accounting Principles Summary
		At the foundation of that hierarchy are the principles established by the FASB and its predecessors, the APB and the AICPA Committee on Accounting Procedure.
		Generally speaking, if there is a conflict between accounting principles relevant to the circumstances from one or more sources in Categories A, B, C, or D, the treatment specified by the source in the higher category is then followed.
		Accounting is more of an art than a science, these principles are not immutable laws like those in the physical sciences.
	www.bookrags.com /Generally_Accepted_Accounting_Principles (2007 words)

	Accounting Terms & Glossary - TurboCASH Open Source Accounting Software UK
		Accounting reform is change to accounting rules that goes beyond the enforcement of standard accounting practices and the elimination of "creative accounting".
		Accounts receivable is one of a series of accounting transactions dealing with the billing of customers which owe money to a person, company or organization for goods and services that have been provided to the customer.
		One specific use of the term in accounting is whether a particular expenditure is classified as an expense, which is reported immediately to the investing public in the business's income statement; or whether it is classified as a capital expenditure or an expenditure subject to depreciation, which are not.
	www.turbocashuk.com /Accounting-Terms.html (4488 words)

	Tax and accountancy: what are generally accepted accounting practice and ordinary principles of commercial accountancy
		Generally accepted accounting practice is now defined in ICTA88/S836A to mean generally accepted accounting practice with respect to accounts of UK companies that are intended to give a true and fair view.
		‘Accounting standards’ are defined as statements of standard accounting practice issued by prescribed bodies; accounting standards applicable to a company’s accounts are those which are relevant to a company’s circumstances and to the accounts.
		‘Accounting standards are authoritative statements of how particular types of transaction and other events should be reflected in financial statements and accordingly compliance with accounting standards will be necessary for financial statements to give a true and fair view’.
	www.hmrc.gov.uk /manuals/bimmanual/BIM31020.htm (886 words)

	BT Annual Report 1993 United States Generally Accepted Accounting Principles reconciliations
		Under UK GAAP, goodwill arising from the purchase of subsidiary and associated undertakings is written off on acquisition against retained earnings, but reflected in the net income of the period of disposal as part of the calculation of the gain or loss on divestment.
		Under UK GAAP, in assessing the fair value of the net assets of subsidiary and associated undertakings, provisions are made on acquisition for commitments and developments in progress.
		Under UK GAAP, dividends are recorded in the year in respect of which they are declared (in the case of interim dividends) or proposed by the board of directors to the shareholders (in the case of final dividends).
	www.graphicappeal.com /btreport/united2.htm (804 words)

	Differences between UK and US generally accepted accounting principles - Interim report 1998 - Gallaher Group Plc - ...
		UK GAAP requires valuation based on actuarial long-term assumptions of both asset values and expected rate of return on liabilities.
		Under UK GAAP, deferred taxation is only accounted for to the extent that it is probable that taxation liabilities or assets will crystallise in the foreseeable future.
		Under US GAAP deferred taxation is accounted for on all temporary differences and a valuation allowance is established in respect of those deferred taxation assets where it is more likely than not that some portion will not be realised.
	www.gallaher-group.com /ir/publications/1998_interim/differences_uk_us.asp (530 words)

	The attribution of capital to foreign banking permanent establishments in the UK The use of UK Generally Accepted ...
		Questions have been raised as to whether in computing the profits of a UK permanent establishment (PE) of an overseas bank for UK tax purposes, the use of UK GAAP is mandatory.
		This view, that UK accountancy standards apply regardless of the accountancy standards used in actually drawing up the accounts, was bolstered by the provisions of section FA98/S42, which requires that profits be computed under Cases I and II of Schedule D on an accounting basis which gives a true and fair view.
		It follows that if PE accounts are drawn up using the local home country accounting standards, then any differences between those standards and UK standards must be considered and computational adjustments made to produce the same tax profit or loss as a computation based on UK GAAP.
	www.hmrc.gov.uk /manuals/bamanual/BAM32850.htm (485 words)

	Note 22 (Site not responding. Last check: 2007-10-10)
		The consolidated profit and loss accounts and balance sheets used to show the impact of the merger are drawn up to 30 November 1999, the nearest practicable date to the effective date of the merger (3 December 1999).
		Under UK GAAP, the policy followed by Reckitt & Colman prior to the introduction of FRS 10 (which was adopted by Reckitt & Colman in 1998) was to write off goodwill against shareholders’ funds in the year of acquisition.
		Under UK GAAP, the policy applied by Reckitt & Colman is that acquired brands are not amortised, as it is considered that their useful economic lives are not limited.
	www.reckittbenckiser.com /investor/annual_report_1999/note22.html (705 words)

	Financials.com - Annual Reports, Stock Quotes and more
		CRITICAL ACCOUNTING ESTIMATES The preparation of financial statements in conformity with UK GAAP requires the Company to select from possible alternative accounting principles and to make estimates and assumptions that determine the reported amount of assets and liabilities at the balance sheet date and reported costs and expenditures during the reporting period.
		The 2005 audited accounting statements were prepared on the basis of Canadian Generally Accepted Accounting Principles ("Canadian GAAP"); any material differences in 2005 comparative statements due to the adoption of UK GAAP are shown in the notes to these statements.
		Not all disclosures required by generally accepted accounting principles for annual financial statements are present, and accordingly, these interim consolidated financial statements should be read in conjunction with the Company's 2005 audited consolidated financial statements.
	www.financials.com /c/info/story.cfm?storynum=2320507 (8241 words)

	Amazon.co.uk: Wiley GAAP: Interpretation and Application of Generally Accepted Accounting Principles (GAAP: ... (Site not responding. Last check: 2007-10-10)
		Wiley GAAP 2004 is a thorough study and analysis of all generally accepted accounting principles (GAAP) set forth in the pronouncements of the FASB (Financial Accounting Standards Board) and its predecessor agencies.
		An essential guide for all corporate and public accountants, CPA candidates, financial managers, and accounting students Wiley GAAP 2004 is a thorough study and analysis of all generally accepted accounting principles (GAAP) set forth in the pronouncements of the FASB (Financial Accounting Standards Board) and its predecessor agencies.
		Generally accepted accounting principles (GAAP) are concerned with the measurement of economic activity, the time when such measurements are made and recorded, the disclosures surrounding these activities, and the preparation and presentation of summarized economic information in the form of financial statements. Read the first page
	www.amazon.co.uk /exec/obidos/ASIN/0471453927/photobinbook-21 (592 words)

	Global Crossing
		Global Crossing's UK subsidiary signed approximately 140 new contracts in the first quarter of 2005, including a seven-year, £56 million contract with the British Council and more recently, a contract with the Forestry Commission that is expected to generate £14 million over seven years.
		The year-over-year decline in EBITDA was primarily attributable to the impact of foreign exchange rate fluctuations on dollar-denominated debt, resulting in a loss of £3 million in the first quarter of 2005 on the Senior Notes due 2014, compared to a £3 million gain on inter-company balances in the first quarter of 2004.
		UK callers may access the replay by dialing +44 (0) 870-000-3081 or 0800-692-0831 and enter reservation number 21248760.
	www.globalcrossing.com /news/2005/june/14.aspx (1816 words)

	Imperial Tobacco : SUMMARY OF DIFFERENCES BETWEEN UK AND US GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ('GAAP')
		Under UK GAAP, goodwill arising and separately identifiable and separable intangible assets acquired on acquisitions made on or after 27 September 1998 are capitalised and amortised over their useful life, not exceeding a period of 20 years.
		Under UK GAAP, dividends paid and proposed are shown on the face of the profit and loss account as an appropriation of the current period’s earnings.
		Under UK GAAP, the cost of employee share schemes is charged to the profit and loss account using the quoted market price of shares at the date of grant less the exercise price of the share options granted.
	www.imperial-tobacco.com /files/financial/reports/ir2004/?pageid=18 (1059 words)

	Summary of differences between UK and US generally accepted accounting principles (“GAAP”)
		Both UK and US GAAP require purchase consideration to be allocated to the net assets acquired at their fair value on the date of acquisition.
		Under UK GAAP, the cost of shares purchased by the ESOTs in conjunction with an employee share scheme are charged to the profit and loss account according to the book value of the shares at the date of purchase.
		On acquisition under UK GAAP, restructuring provisions may only be recognised as a fair value adjustment, if the acquired company had an irrevocable commitment to restructure which was not conditional on the completion of the purchase.
	www.imperial-tobacco.com /files/financial/reports/ir2003/accounts/gaap.html (1242 words)

	Accounting News and Articles Local Blog » GAAP Hierarchy - Exposure Draft (Accounting)
		GAAP is an acronym for Generally Accepted Accounting Principles.
		Generally accepted accounting principles (GAAP) are the accounting rules used Generally accepted accounting principles for local and state governments
		UK generally accepted accounting principles The Generally Accepted Accounting Principles in the UK, or UK GAAP, are the overall body of regulation.
	accountantnews.com /accounting_blog/?p=488 (208 words)

	LCP - Accounting for Pensions Survey 2001
		Asset valuations are generally based on the discounted income method, and therefore the dividend growth assumption has a very important impact on the results.
		We accepted either the absolute dividend growth rate or the rate relative to the investment return.
		Unfortunately, their methodology is thrown into doubt when they say that "the level of funding represents the "actuarial" value of the assets expressed as a percentage of the value of the liabilities on the statutory MFR (minimum funding requirement)".
	www.lcp.uk.com /survey/2001_reports.asp (1192 words)

	Flexible Investment Strategies - Secrets of How to Read Company Accounts
		The profit and loss account, or income statement, records the company's profits or losses, and how they were reached, over the previous financial year.
		At the top of the profit and loss account is turnover (or revenue), which is all of the ordinary income received by the company.
		The profit and loss account will state what the total operating profit figure is. In UK accounts, the charge for tax is typically less than the pre-tax profit multiplied by the tax rate.
	www.flexinvest.co.uk /secrets.htm (975 words)

	International Pension Funds and their Advisers - Articles - Accounting For Pension Costs
		Accounting for defined benefit plans is more complicated as there is considerable uncertainty over the eventual cost to the company.
		IAS 19 accepts that accounting for such benefits is generally straightforward and the cost of these benefits are recognised as the amount paid or due to be paid for service during that period.
		Again using the UK as an example, the most up to date mortality tables can easily add 10% to the liabilities compared to assumptions that many companies are still using – it’s a key assumption and it ought to be disclosed to give readers of the accounts a complete picture.
	www.apinfo.co.uk /ipfa/articles/accounting_for_pension_costs.htm (1756 words)

	Lloyd's moves to implement annual accounting
		The move is in line with the commitment by the Lloyd's Franchise Board for syndicate accounts to be more transparent and comparable with the accounts of their global industry peer group.
		Under the annual basis of accounting, the result is determined at the end of the financial year reflecting the profit or loss of providing insurance cover during that year, i.e.
		Under the three year accounting basis, all premiums and claims and associated expenses are related to the underwriting year in which the policy incepts and the determination of the underwriting result is deferred until the year of account is closed at the end of three years.
	www.lloyds.com /News_Centre/Press_releases/Lloyds_moves_to_implement_annual_accounting.htm (599 words)

	Capita Group Plc - Regulatory Announcements (Site not responding. Last check: 2007-10-10)
		Hitherto, The Capita Group Plc has prepared its primary financial statements in accordance with UK Generally Accepted Accounting Principles (UK From 2005 the Group is required to prepare its consolidated financial statements in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as adopted by the European Union (EU).
		The Group's current policy under UK GAAP, to amortise goodwill and to test for impairment when there is an indication that the carrying value of an asset might not be recoverable, will be replaced by an annual impairment test and cessation of goodwill amortisation.
		For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.
	production.investis.com /capita/rns/rnsitem?id=1122530537nRNSb4021P (4071 words)

	Global Crossing Reports GCUK's Second Quarter Results
		UK callers may access the replay by dialing +44 (0) 870-000-3081 or 0800-692-0831 and entering reservation number 21258569.
		Global Crossing (UK) Telecommunications operates a high-capacity UK network comprising more than 5,600 route miles of fiber optic cable connecting 150 towns and cities and reaching within just over one mile of 64 percent of UK businesses.
		The UK network is linked into the wider Global Crossing network that connects more than 300 cities and 30 countries worldwide, and delivers services to more than 500 major cities, 50 countries and 6 continents around the globe.
	www.prnewswire.com /cgi-bin/stories.pl?ACCT=104&STORY=/www/story/09-13-2005/0004105836&EDATE= (2068 words)

	Encyclopedia Search
		) are the accounting rules used to prepare financial statements for...and resources.
		...Accounting Principles in the UK, or UK is an the overall body of regulation establishing how company accounts...become part of UK before 2005.
		It is still permitted under US and, where prices are...
	www.encyclopedian.com /search.php?searWords=GAAP (152 words)

	UK generally accepted accounting principles Information
		The principal legislation governing reporting in the UK is laid down in the Companies Act 1985 (as amended by the Companies Act 1989 and subsequent statutory instruments), which incorporates the requirements of European law.
		In the UK, companies which are not listed have the option to report either under IFRSs or under UK GAAP[2].
		Recently issued UK FRSs have, in any case replicated the wording of corresponding IFRSs, reducing the differences between the two sets of standards significantly.
	www.bookrags.com /UK_GAAP (383 words)

	Financial Statements - Soflex Online (Site not responding. Last check: 2007-10-10)
		This has not always been the case in the past: for instance, in the UK the requirement used to be true and correct.
		In the UK, they have been held liable to potential investors when the auditor was aware of the potential investor and how they would use the information in the financial statements.
		National accounting bodies in each country have developed their own specific sets of accounting principles.
	www.soflexonline.com /articles/financial-statements.html (757 words)

	Carclo plc Technical Plastic & Specialist Wire Business To Business Site
		For all accounting periods up to and including the year ended 31 March 2005 Carclo plc ('Carclo') has prepared its financial statements under UK Generally Accepted Accounting Principles ('UK GAAP').
		For accounting periods from 1 April 2005, the group is required to prepare its consolidated financial statements in accordance with International Financial Reporting Standards ('IFRS') as endorsed by the European Union ('EU').
		UK GAAP net assets of £48.2million reduced to £19.9million under IFRS, substantially due to the removal of the SSAP 24 pension prepayment and the inclusion of the IAS 19 accounting deficit relating to the group pension schemes
	www.carclo.co.uk /news/view.asp?id=113 (278 words)

	GlaxoSmithKline - Presentation of financial statements
		These accounts cover the financial year from 1st January to 31st December 2000, with comparative figures for the financial years from 1st January to 31st December 1999 and 1st January to 31st December 1998.
		Under UK GAAP the financial statements of GlaxoSmithKline plc for the period to 31st December 2000 have been prepared as a merger of Glaxo Wellcome plc and SmithKline Beecham plc.
		The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the accounts and the reported amounts of revenues and expenses during the reporting period.
	www.gsk.com /financial/reports/ar/report/notes_to_finstat/pre_fin_states/pres_fin_states.html (733 words)

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