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Company Formation Cyprus: IFRS Compliant Accounting Standards
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Company Formation Cyprus:
Company Formation Cyprus: IFRS Compliant Accounting Standards – Cyprus
The Accounting profession is self-regulated; this means that Professional Accounting Bodies set their own standards as to how Final Accounts should be presented and how financial transactions should be treated.
On May 17th 2006 a European Parliament and Council Directive came into force requiring all statutory audits to be carried out in accordance with international auditing standards as adopted by the European Commission. The Cyprus Government duly adopted International Financial Reporting Standards (IFRS) which are advocated by the International Accounting Standards Board (IASB), a non-profit association based in London.
The IFRS has considerable differences from Generally Accepted Accounting Principles (US GAAP) used in the United States which is advocated by the FASB (Financial Accounting Standards Board) in the United States. However the two associations, IASB and FASB are cooperating and working together towards reconciling the two sets of standards. Thus it is expected that at some point the differences between US and European accounting standards will be eliminated.
Companies in Cyprus are required to submit Audited Financial Statements (prepared under IFRS) to Company House annually. The purpose of the Audit is to assess whether the company’s books present a fair value of the business. The concept of materiality is used; the principle that trivial matters are to be disregarded and all important matters are to be disclosed. The purpose of the Audit is not to check every single transaction or Euro earned, but rather to assess that the turnover / profit / liabilities / assets, of the business are more or less fair.
It is the legal responsibility of management (Directors) to maintain proper accounting records that are free of material errors (either intentional or unintentional) under Cyprus Company Law.