Companies (GAAP) (Jersey) Order 2010

Summary

This Order, made under the Companies (Jersey) Law 1991, sets out which generally accepted accounting principles (GAAP) a Jersey company may use when preparing its statutory accounts. It lists the specific national and international accounting frameworks that satisfy Article 105(2)(a) of the Law.

• Original list (periods starting on or after 5 April 2010): Canadian GAAP, Chinese GAAP, Indian GAAP, EU-adopted IFRS (as adopted by Commission of the European Communities Regulation), IFRS issued by the IASB, Japanese GAAP, South Korean GAAP, UK GAAP, and US GAAP.
• 2025 addition (periods starting on or after 1 April 2025): UK-adopted international accounting standards (UK IAS) are added as a further permitted framework, alongside the original list.

A company must choose one of these permitted sets of principles for any given set of accounts; the Order does not require multiple frameworks to be used simultaneously, only that the chosen one falls within the prescribed list for the relevant financial period.

Key obligations

• A Jersey company preparing accounts under Article 105(2)(a) of the Companies (Jersey) Law 1991 must use one of the prescribed GAAP frameworks listed in the Order for the relevant financial period.
• For financial periods starting on or after 1 April 2025, a company may additionally rely on UK-adopted international accounting standards (UK IAS) as a permitted framework.

Applies to

Jersey companies preparing statutory accounts under the Companies (Jersey) Law 1991

Deadlines

• financial period starting on or after 5 April 2010: Original prescribed GAAP list (Canadian, Chinese, Indian, EU-adopted IFRS, IASB IFRS, Japanese, South Korean, UK GAAP, US GAAP) applies from this date.
• financial period starting on or after 1 April 2025: UK-adopted international accounting standards (UK IAS) become an additional permitted GAAP framework from this date.

Related documents

• This document amends Companies (Jersey) Law 1991
• This document is made under Companies (Jersey) Law 1991