Commentary on Sections Overview Overview Section 309: Companies without GAAP-compliant accounts
1065.This section gives the rule to be applied where accounts have not been prepared in accordance with generally accepted accounting practice. It is based on section 85A(2) to (4) of FA 1996 and paragraph 14(8) of Schedule 13 to FA 2007.
1066.“Correct accounts” in section 85A(2) has been rewritten as “GAAP-compliant accounts” in subsection (1) as being a more neutral term.