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There are no statutory requirements regulating the form and content of accounts, apart from certain regulations covering accounts for banks, mutual funds and insurance companies, but in practice the layout is similar to accounts prepared in the UK. UK Statements of Standard Accounting Practice, Financial Reporting Standards and International Accounting Standards are observed by the accountancy profession in the Island as referred to in the Guernsey Statements of Standard Accounting Practice.
An annual audit is required by law unless the company falls within the Companies (Exemption from Audit) Ordinance 1991. This Ordinance permits asset-owning and dormant companies to be exempt from audit under certain conditions.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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