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Antigua and Barbuda Embraces International Accounting Standards

The Eastern Caribbean Securities Regulatory Commission (ECSRC) has made it mandatory for all publicly traded companies in Antigua and Barbuda to adhere to International Financial Reporting Standards (IFRS).

Mandatory Adoption of IFRS Standards

• All domestic companies whose securities trade on a public market, including banks, insurance companies, and other financial institutions, must use IFRS standards.
• Foreign companies whose securities are listed in Antigua and Barbuda must also use IFRS standards, unless an exemption is granted by the ECSRC.

Key Requirements

• The auditor’s report and basis of presentation footnote must state that financial statements have been prepared in conformity with IFRS standards.
• Financial statements cannot be prepared using “dual reporting”, which involves conforming to both IFRS and local Generally Accepted Accounting Principles (GAAP).

Adoption Process

Antigua and Barbuda has adopted international accounting standards by regulation, without the need for specific endorsement. New or amended IFRS Standards are automatically effective when issued by the International Accounting Standards Board (IASB) for companies that use IFRS.

Options for Small and Medium-Sized Enterprises (SMEs)

• SMEs can adopt the IFRS for SMEs Accounting Standard, which is a simpler and more streamlined version of full IFRS.
• SMEs are required to use full IFRS standards if they do not choose to adopt the IFRS for SMEs standard.

Language and Translation

• The English language is used in financial reporting.
• IFRS Accounting Standards are not translated into local languages.

Expected Benefits

The adoption of IFRS Accounting Standards is expected to improve the transparency and comparability of financial reporting in Antigua and Barbuda, making it easier for investors to make informed decisions about their investments.