The development of UK GAAP

Abstract

In the UK, the expression ‘GAAP’ is used more loosely than in most other countries; the reason for this is that GAAP does not have any statutory or regulatory authority or definition, as is the case in, for example, the US, Canada and New Zealand. Consequently, references to GAAP are rarely found in the literature in the UK, and where the expression is used, it is not adequately explained or defined.KeywordsAccounting StandardSmall CompanyDisclosure RequirementFinancial Account Standard BoardInternational Account StandardThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.