Bermuda

Extent of IFRS application | Status | Additional Information |
---|---|---|
IFRS Standards are required for domestic public companies | ||
IFRS Standards are permitted but not required for domestic public companies |
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Bermuda has not adopted any particular accounting framework as its national standards. IFRS Standards are permitted. |
IFRS Standards are required or permitted for listings by foreign companies |
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Permitted. |
The IFRS for SMEs Standard is required or permitted |
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Permitted. |
The IFRS for SMEs Standard is under consideration |
Organisation
The Institute of Chartered Accountants of Bermuda (ICAB) (now affiliated with the Institute of Chartered Professional Accountants of Bermuda (CPA Bermuda)
Bermuda Monetary Authority (BMA)
Role of the organisation
The ICAB was established by the Institute of Chartered Accountants of Bermuda Act 1973 as the professional accountancy body in Bermuda. Among its responsibilities is ‘to promote the best standards of practice in financial reporting and in the expression of professional opinions in relation thereto’. Latterly ICAB’s Council approved its unification with the CPA Bermuda as an appropriate way forward for the accounting profession in Bermuda.
The BMA regulates Bermuda’s banks, trust companies, investment companies, and insurance companies. It also regulates the Bermuda Stock Exchange.
Website
ICAB (now CPA Bermuda): https://www.cpabermuda.bm/en
BMA: http://www.bma.bm
Email contact
ICAB: info@icab.bm
BMA: enquiries@bma.bm
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
What is the jurisdiction's status of adoption?
Additional comments provided on the adoption status?
Bermuda has not adopted any particular financial reporting framework as its national accounting standards. As an international financial centre, Bermuda permits the use of IFRS Standards or national GAAPs. The national GAAPs of Canada, the United Kingdom, and the United States are commonly used.
For banks, trust companies, investment companies, and insurance companies subject to regulation by the BMA, the BMA has adopted a regulatory reporting framework but also accepts BMA would accept IFRS Standards, Canadian GAAP, or US GAAP instead of the statutory reporting framework.
If the jurisdiction has NOT made a public statement supporting the move towards a single set of accounting standards and/or towards IFRS Standards as that set of standards, explain the jurisdiction's general position towards the adoption of IFRS Standards in the jurisdiction.
For DOMESTIC companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some domestic companies whose securities trade in a public market either required or permitted to use IFRS Standards in their consolidated financial statements?
If YES, are IFRS Standards REQUIRED or PERMITTED?
Does that apply to ALL domestic companies whose securities trade in a public market, or only SOME? If some, which ones?
Are IFRS Standards also required or permitted for more than the consolidated financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted in separate company financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted for companies whose securities do not trade in a public market?
If the jurisdiction currently does NOT require or permit the use of IFRS Standards for domestic companies whose securities trade in a public market, are there any plans to permit or require IFRS Standards for such companies in the future?
For FOREIGN companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some foreign companies whose securities trade in a public market either REQUIRED or PERMITTED to use IFRS Standards in their consolidated financial statements?
If YES, are IFRS Standards REQUIRED or PERMITTED in such cases?
Permitted.