|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|
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)
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.
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.