The Gambia’s Adoption of International Financial Reporting Standards (IFRS)

Use of IFRS

The Gambia has adopted IFRS as its financial reporting framework, with the following key points:

• Commercial Banks: The Central Bank of The Gambia requires all commercial banks to use IFRS Standards.
• Other Domestic Companies: All other domestic companies are permitted to use IFRS Standards, but there is no specific accounting framework required.

Application of IFRS for Small and Medium-Sized Enterprises (SMEs)

The jurisdiction has not adopted the IFRS for SMEs Accounting Standard. However:

• Permitted Use: Because no specific accounting standards are currently required, SMEs are permitted to use the IFRS for SMEs Standard.
• Adoption: Some SMEs do adopt this standard.

Translation of IFRS Standards

IFRS Standards are not translated into the local language, and the English version is used.

Accounting Framework

The Companies Act of 1955 requires companies to prepare financial statements that give a true and fair view of the state of the company’s affairs and explain its transactions. Specific requirements exist for form and content of the balance sheet and profit-and-loss statement, but no specified accounting standards are required for financial reporting purposes.

Endorsement Process

The Central Bank of The Gambia requires all commercial banks to use IFRS Standards by regulation, so there is no need for endorsement of individual new or amended IFRS Standards. There is also:

• No Formal Adoption Process: There is no formal process in place for the endorsement or adoption of new or amended IFRS Accounting Standards.

Other Comments

• None.