Beta This part of GOV.UK is being rebuilt – find out what this means

HMRC internal manual

Corporate Intangibles Research and Development Manual

From
HM Revenue & Customs
Updated
, see all updates

Intangible assets: GAAP: conformity with: circumstances where accounts may not do so

Two types of case

A company’s accounts may not be in accordance with GAAP because:

  • a company, though resident for CT purposes in the UK, may be incorporated elsewhere and may not be required to prepare accounts under GAAP, or
  • a company which is neither resident nor incorporated in the UK may carry on a trade through a permanent establishment here which involves transactions in intangible assets, or
  • a company’s accounts, which are intended to conform to GAAP, in fact fail to do so.

CIRD30110

is concerned with the cases in the first two categories, where the accounts drawn up are not intended to conform to GAAP.

CIRD30120 is concerned with cases in third category, where the accounts drawn up are intended to conform to GAAP but may not do so.