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 |
|
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 |
|
Permitted. |
| The IFRS for SMEs Standard is required or permitted |
|
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?
No.
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
No.
What is the jurisdiction's status of adoption?
IFRS and the IFRS for SMEs are permitted in Bermuda.
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.
Not applicable.
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?
Yes.
If YES, are IFRS Standards REQUIRED or PERMITTED?
Permitted.
Does that apply to ALL domestic companies whose securities trade in a public market, or only SOME? If some, which ones?
All.
Are IFRS Standards also required or permitted for more than the consolidated financial statements of companies whose securities trade in a public market?
Yes.
For instance, are IFRS Standards required or permitted in separate company financial statements of companies whose securities trade in a public market?
IFRS Standards are permitted in the separate financial statements of all 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?
IFRS Standards are permitted for all 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?
Not applicable.
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?
Yes.
If YES, are IFRS Standards REQUIRED or PERMITTED in such cases?
Permitted.
Does that apply to ALL foreign companies whose securities trade in a public market, or only SOME? If some, which ones?
All.
Which IFRS Standards are required or permitted for domestic companies?
IFRS Standards as issued by the IASB Board.
The auditor's report and/or the basis of presentation footnote states that financial statements have been prepared in conformity with:
IFRS Standards.
Does the auditor's report and/or the basis of preparation footnote allow for ‘dual reporting’ (conformity with both IFRS Standards and the jurisdiction’s GAAP)?
Technically is not prohibited, but it is not common practice.
Are IFRS Standards incorporated into law or regulations?
No.
If yes, how does that process work?
Not applicable.
If no, how do IFRS Standards become a requirement in the jurisdiction?
As noted earlier, 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.
Does the jurisdiction have a formal process for the 'endorsement' or 'adoption' of new or amended IFRS Standards (including Interpretations) in place?
Endorsement is not needed. Companies are simply permitted to use IFRS Standards.
If yes, what is the process?
Not applicable.
If no, how do new or amended IFRS Standards become a requirement in the jurisdiction?
Not applicable.
Has the jurisdiction eliminated any accounting policy options permitted by IFRS Standards and/or made any modifications to any IFRS Standards?
No.
If yes, what are the changes?
Not applicable.
Other comments regarding the use of IFRS Standards in the jurisdiction?
None.
Are IFRS Standards translated into the local language?
No. English is the national language.
If they are translated, what is the translation process? In particular, does this process ensure an ongoing translation of the latest updates to IFRS Standards?
Not applicable.
Has the jurisdiction adopted the IFRS for SMEs Standard for at least some SMEs?
Bermuda has not adopted any particular financial reporting framework as its national accounting standards. Bermuda permits the use of both full IFRS Standards and the IFRS for SMEs Standard.
If no, is the adoption of the IFRS for SMEs Standard under consideration?
Nor applicable.
Did the jurisdiction make any modifications to the IFRS for SMEs Standard?
Not applicable.
If the jurisdiction has made any modifications, what are those modifications?
Not applicable.
Which SMEs use the IFRS for SMEs Standard in the jurisdiction, and are they required or permitted to do so?
All SMEs are permitted to use the IFRS for SMEs Standard.
For those SMEs that are not required to use the IFRS for SMEs Standard, what other accounting framework do they use?
As noted earlier, 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, the IFRS for SMEs Standard, or national GAAPs.
Other comments regarding use of the IFRS for SMEs Standard?
None.
