Gambia
| Extent of IFRS application | Status | Additional Information |
|---|---|---|
| IFRS Standards are required for domestic public companies |
|
No stock exchange. IFRS Standards required for commercial banks, permitted for all other companies. |
| IFRS Standards are permitted but not required for domestic public companies | ||
| IFRS Standards are required or permitted for listings by foreign companies | No stock exchange. | |
| The IFRS for SMEs Standard is required or permitted |
|
Permitted. |
| The IFRS for SMEs Standard is under consideration |
Organisation
Gambia Association of Accountants (GAA)
Central Bank of the Gambia
Role of the organisation
The Accountants Act of 1991 gives the GAA all of the normal functions of a professional accounting body: education, training and examination, professional standards, ethics and discipline, publication and support services and liaison with other international accountancy bodies. To date, GAA has not established any national financial reporting standards, nor has it officially adopted international accounting or auditing standards.
On 2 July 2013, the National Assembly approved a financing reporting bill entitled ‘An Act to establish the Gambia Institute of Chartered Accountants'. That Act replaces the Accountants Act of 1991. It establishes:
- The Gambia Institute of Chartered Accountants (GICA) and
- The Financial Reporting Oversight Board (FROB).
The GICA and FROB are expected to be organised by the end of 2015. The GICA would replace the GAA.
The Central Bank of the Gambia is the regulator of commercial banks and has authority to prescribe the financial reporting standards to be used by commercial banks.
Website
GAA: www.gaa.gm
CBG: www.cbg.gm/
Email contact
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Yes.
By having adopted IFRS Standards as a requirement for all commercial banks, The Gambia has made clear its support for global accounting standards and IFRS Standards as those standards.
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
Yes.
By having adopted IFRS Standards as a requirement for all commercial banks, The Gambia has made clear its support for global accounting standards and IFRS Standards as those standards.
What is the jurisdiction's status of adoption?
The Central Bank of The Gambia acting by regulation under section 75 of the Central Bank of the Gambia Act 2005 directed that all commercial banks operating in The Gambia to adopt IFRS Standards as issued by the International Accounting Standards Board IASB effective 31 December 2013 (with restatement of 2012 financial statements on an IFRS basis as well).
IFRS Standards are permitted for all other companies, and some companies do choose to use them.
Additional comments provided on the adoption status?
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?
Does that apply to ALL foreign companies whose securities trade in a public market, or only SOME? If some, which ones?
Which IFRS Standards are required or permitted for domestic companies?
The auditor's report and/or the basis of presentation footnotes states that financial statements have been prepared in conformity with:
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)?
Are IFRS Standards incorporated into law or regulations?
Yes.
