Commentary on Sections Overview Chapter 1: Introduction Section 717: Companies without GAAP-compliant accounts
1983.This section deals with the case where a company does not draw up accounts in accordance with generally accepted accounting practice or, exceptionally, does not draw up accounts at all. It is based on paragraph 5 of Schedule 29 to FA 2002.
1984.In both cases the rules apply as though GAAP-compliant accounts had been drawn up.
1985.Subsection (3) applies where accounts are GAAP-compliant in themselves but follow on from a period for which the accounts were not. It allows the later accounts to be adjusted to reflect the adjustments required in the earlier accounts.