Commentary on Sections Overview Chapter 1: Introduction Section 716: “Recognised” amounts and “GAAP-compliant accounts”
1981.This section identifies the accountancy amounts from which the related tax amounts are derived. It is based on paragraph 134 of Schedule 29 to FA 2002.
1982.Subsection (4) rewrites part of paragraph 5(1) of Schedule 29 to FA 2002. The subsection uses the label “GAAP-compliant accounts” as being a more neutral term than the label “correct accounts” used in the source legislation.