|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||Yes, Jamaica has adopted the IFRS for SMEs Standard.|
|The IFRS for SMEs Accounting Standard is under consideration|
Profile last updated: 16 June 2016
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.