The Companies Act empowers the Institute of Chartered Accountants of Guyana (ICAG) to adopt accounting standards for Guyana that are mandatory for all companies.
As of 1 July 2000, the Council of ICAG adopted IFRSs as issued by the IASB for all entities in Guyana.
In February 2010, the ICAG adopted the IFRS for Small and Medium-sized Entities, as issued by the IASB, for use in Guyana for financial statements for periods ending on or after 31 December 2009. SMEs may choose either the IFRS for SMEs or full IFRSs. Click for Adoption Notice (PDF 462k).
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