Accounting Framework: What is National GAAP?

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A firm’s Accounting Framework will either be based upon National or International accounting practices and standards.

The majority of firms we have encountered within the UK invariably use National GAAP.

National GAAP explained:

National GAAP relates to Standard Accounting Practices within the UK and is short for Generally Accepted Accounting Principles.

However, if your firm bases your accounting framework on International Financial Reporting Standards (IFRS) instead and wish to discuss this with regards to COREP reporting, then please contact us.