|Extent of IFRS application||Status||Additional Information|
|IFRS Accounting Standards are required for domestic public companies||Required.|
|IFRS Accounting Standards are permitted but not required for domestic public companies|
|IFRS Accounting Standards are required or permitted for listings by foreign companies||Required.|
|The IFRS for SMEs Accounting Standard is required or permitted||Permitted.|
|The IFRS for SMEs Accounting Standard is under consideration|
Profile last updated: 16 June 2016
Bahamas Institute of Chartered Accountants (BICA)
The BICA regulates the accounting profession within the Bahamas and offers continuing professional education to its members and licensees. While BICA is the designated standard-setting body in Bahamas, it does not issue accounting standards since, by government regulation, the Bahamas has adopted IFRS for public entities and the IFRS for SMEs Standard for others. BICA has the statutory right to exclude a particular IFRS Standard from use in the Bahamas but it has never done so.
Bahamas has adopted IFRS Standards as its national accounting standards.
Rule 7 of the Public Accountants (Rules of Professional Conduct) Regulations, 1993 (adopted under the Public Accountants Act, 1991) requires compliance with IFRS Standards unless the BICA has specifically excluded any particular IFRS Standard. As a matter of practice, the BICA has never excluded any IFRS Standards. Bahamas has always adopted all IFRS Standards as they are issued and made effective.
Required if separate company financial statements are prepared.
Companies whose securities are not publicly traded must choose either full IFRS Standards or the IFRS for SMEs Standard.
All foreign companies whose securities are publicly traded are required to use IFRS Standards.
IFRS Standards as issued by the IASB Board, ie standards and amendments are adopted/endorsed as and when issued by the IASB Board.
IFRS Standards are required by the Public Accountants (Rules of Professional Conduct) Regulations, 1993 adopted under the Public Accountants Act, 1991.
New and amended IFRS Standards including Interpretations are automatically adopted under Rule 7 of the Public Accountants (Rules of Professional Conduct) Regulations, 1993.
Each year BICA hosts an educational event referred to as ‘Accountants Week’, and a full day is always dedicated to an update on changes to IFRS Standards.
No. English is the official language in the Bahamas.
Any SME that does not have public accountability is permitted to use the IFRS for SMEs Standard.