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HMRC internal manual

Offshore Funds Manual

Reporting funds: preparation of accounts: acceptable accounting policy - Regulation 59

Reporting funds must prepare their accounts in accordance with international accounting standards (IAS), or alternatively in accordance with the generally accepted accounting practice (GAAP) specified in the fund’s application for reporting fund status. Some GAAPs permit a degree of choice in applicable standards and particular rules may apply to certain entity types such as OEICs, for example. Therefore, although a particular GAAP may be acceptable, it remains the responsibility of reporting funds to correctly calculate reportable income.

A list of GAAPs that have been accepted by HMRC on application for reporting fund status is available on the HMRC website on pages maintained by the Collective Investment Schemes Centre (‘CISC’) at . The pages includes notes detailing the entries in accounts prepared in accordance with each GAAP that are considered to equate to total comprehensive income (‘TCI’) for a period, and any adjustments that would be required. The notes have been prepared based on applications received by HMRC and should not be considered to be exhaustive, and reporting funds remain responsible for correctly calculating TCI. CISC can provide assistance in cases of doubt or where GAAPs that have yet to be approved are used - contact details are shown on their web pages.