|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||Required.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||Required.|
|The IFRS for SMEs Standard is required or permitted||Permitted.|
|The IFRS for SMEs Standard is under consideration|
Role of the organisation
ICAG is the body responsible for the regulation of the accounting profession in Guyana under the Institute of Chartered Accountants of Guyana Act 1991. That Act empowers the Institute of Chartered Accountants of Guyana (ICAG) to adopt accounting standards for Guyana that are mandatory for all companies.
Institute of Chartered Accountants of Guyana Act 1991: www.icag.org.gy/ICAG Act 1991.pdf
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Pursuant to its authority under the Institute of Chartered Accountants of Guyana Act 1991, in 1998 the Council of ICAG adopted IFRS Standards as issued by the IASB Board for all entities in Guyana effective 1 January 2000. Further, pursuant to its authority under Institute of Chartered Accountants of Guyana Act 1991, on 3 February 2010 the Council of the ICAG adopted the IFRS for Small and Medium-sized Entities Standard, as issued by the IASB Board, for use in Guyana for financial statements for periods ending on or after 31 December 2009.