Jamaica
| 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 | Yes, Jamaica has adopted the IFRS for SMEs Standard. | |
| The IFRS for SMEs Standard is under consideration |
Jamaica
RELEVANT JURISDICTIONAL AUTHORITY
Organisation
Institute of Chartered Accountants of Jamaica (ICAJ)
Role of the organisation
The ICAJ is the standard setting body of Jamaica.
Website
Email contact
COMMITMENT TO GLOBAL FINANCIAL REPORTING STANDARDS
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Yes.
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
Yes.
What is the jurisdiction's status of adoption?
Jamaica has already adopted IFRS Standards including the IFRS for SMEs Standard for all companies.
Additional comments provided on the adoption status?
Jamaica adopted IFRS Standards in 2000 by Resolution of the members of the ICAJ.
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.
EXTENT OF IFRS APPLICATION
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?
Required.
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?
Required.
For instance, are IFRS Standards required or permitted for companies whose securities do not trade in a public market?
Companies whose securities do not trade in a public market may use full IFRS Standards or the IFRS for SMEs Standard.
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?
Required.
Does that apply to ALL foreign companies whose securities trade in a public market, or only SOME? If some, which ones?
All.
IFRS ENDORSEMENT
Which IFRS Standards are required or permitted for domestic companies?
IFRS Standards as issued by the IASB Board, ie standards and amendments are adopted/endorsed as and when 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)?
No.
Are IFRS Standards incorporated into law or regulations?
Yes.
If yes, how does that process work?
The Companies Act 1965 requires all limited companies to present financial statements including, when appropriate, consolidated financial statements.
The ICAJ has adopted IFRS Standards and the IFRS for SMEs Standard as the accounting standards for use in those financial statements, and it requires members to follow them to fulfil their membership obligation.
Although the Companies Act does not mandate the use of ICAJ standards, observance of ICAJ-issued accounting standards is required under the legal and regulatory framework for entities directly supervised by the Bank of Jamaica, the Financial Services Commission, and the Jamaica Stock Exchange.
If no, how do IFRS Standards become a requirement in the jurisdiction?
Not applicable.
Does the jurisdiction have a formal process for the 'endorsement' or 'adoption' of new or amended IFRS Standards (including Interpretations) in place?
Because IFRS Standards have been adopted by Resolution of the membership of the ICAJ, it is not necessary to endorse individual new and amended 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.
TRANSLATION OF IFRS STANDARDS
Are IFRS Standards translated into the local language?
No. English is the business language in Jamaica.
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.
APPLICATION OF THE IFRS FOR SMEs STANDARD
Has the jurisdiction adopted the IFRS for SMEs Standard for at least some SMEs?
Yes, Jamaica has adopted the IFRS for SMEs Standard.
If no, is the adoption of the IFRS for SMEs Standard under consideration?
Not applicable.
Did the jurisdiction make any modifications to the IFRS for SMEs Standard?
No.
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?
SMEs that do not use the IFRS for SMEs Standard must use full IFRS Standards.
Other comments regarding use of the IFRS for SMEs Standard?
None.
