New jurisdiction pages for Guam and Guyana
09 Sep 2009
We have added new jurisdiction pages for Guam and Guyana.
Our jurisdiction pages describe, among other things, each jurisdiction's financial reporting framework:
- Guam. Companies in Guam follow the US GAAP issued by the Financial Accounting Standards Board (FASB) as the primary source of authoritative literature for financial reporting. As of now, there are still various differences between IFRSs and US GAAP, although convergence efforts are underway ongoing.
- Guyana. The Companies Act empowers the Institute of Chartered Accountants of Guyana (ICAG) to adopt accounting standards for Guyana that are mandatory for all companies. Until 2000, the ICAG had been considering International Accounting Standards (IASs) individually and adopting them, though at a later date than the effective date specified in the IAS. Effective 1 July 2000, the ICAG Council adopted a policy by which IFRSs automatically become effective in Guyana at the same time as they are effective internationally. Thus all companies are required to follow IFRSs. The Council is currently considering the adoption of the IFRS for SMEs.