ACCOUNTANCY PROFESSION (ACCOUNTING AND AUDITING STANDARDS) [ S.L.281.02 1 SUBSIDIARY LEGISLATION 281.02 ACCOUNTANCY PROFESSION (ACCOUNTING AND AUDITING STANDARDS) REGULATIONS 1st October, 2008 LEGAL NOTICE 19 of 2009, as amended by Legal Notice 233 of
- The title of these regulations is the Accountancy Profession (Accounting and Auditing Standards) Regulations.
- In these regulations, unless the context otherwise requires: "accounting reference period" shall have the meaning assigned to it in the Companies Act; Title. Interpretation. Amended by: L.N. 233 of
- Cap.
- "Accounting Regulation" means Regulation No. 1606/2002 of the European Parliament and of the Council of the European Union of 19 July 2002 on the application of international accounting standards; "the Act" means the Accountancy Profession Act; "Board" means the Accountancy Board established by article 6 of the Act; "consolidated accounts" shall have the meaning assigned to it in the Companies Act; "individual accounts" shall have the meaning assigned to it in the Companies Act; "international accounting standards" means International Accounting Standards (IAS), International Financial Reporting St a n d a r d s ( I F R S ) a n d r e l a t e d I n t e r p r e t a t i o n s ( S I C - I F R I C interpretations), subsequent amendments to those standards and related interpretations, and future standards and related interpretations issued or adopted by the International Accounting Standards Board (IASB); "international accounting standards as adopted by the EU" means the international accounting standards as adopted by the European Commission in accordance with the provisions set out in Article 3 of the Accounting Regulation; "International Accounting Standards Board (IASB)" means the board established by deed of constitution on the 28th June, 1973 which comprises the professional accountancy bodies which are members of the International Federation of Accountants, which federation was established at the International Congress of Accountants in Munich in 1977, or any body succeeding the board by whatever name it may be known; "international auditing standards" means International Standards in Auditing (ISAs), International Standards in Quality Control (ISQCI) and other related Standards, insofar as they are relevant to the statutory audit, issued from to time to time by the International Cap.
- 2 [ S.L.281.02 ACCOUNTANCY PROFESSION (ACCOUNTING AND AUDITING STANDARDS) Auditing and Assurance Board (IAASB), a standard-setting body d e s i g n a t e d b y, a n d o p e r a t i n g u n d e r t h e a u s p i c e s o f , t h e International Federation of Accountants (IFAC), which federation was established at the International Congress of Accountants in Munich in 1977, or any body succeeding the board by whatever name it may be known; "international auditing standards as adopted by the EU" means international auditing standards as adopted by the European Commission in accordance with the provisions set out in Article 26 of the Statutory Audit Directive; "Statutory Audit Directive" means Directive 2006/43/EC of the European Parliament and of the Council of the European Union of 17 May 2006 on statutory audits of annual accounts and consolidated accounts as amended by Directive 2014/56/EU of the European Parliament and of the Council of 16 April 2014; "statutory audit" shall have the meaning assigned to it in the Act. Meaning of compliance with generally accepted accounting principles and practice. Cap.
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(1)Compliance with "generally accepted accounting principles and practice" shall mean adherence to international accounting standards as adopted by the EU: Provided that for accounting reference periods commencing on or before 31 December 2007, compliance with "generally accepted accounting principles and practice" shall mean adherence to international accounting standards: Provided further that if all the conditions for eligibility prescribed therein are met, compliance with "generally accepted accounting principles and practice" may be achieved by adherence to general accounting principles for qualifying private or small and medium sized entities as may be prescribed by regulations, directives or guidelines issued from time to time in terms of the Accountancy Profession Act.
(2)The provisions of subregulation
(1)shall be applicable to individual accounts and consolidated accounts.
(3)For the avoidance of doubt, the "generally accepted accounting principles and practice" applicable to an accounting reference period as determined in accordance with the provision of subregulation
(1)shall also be applicable to comparative figures presented in the individual accounts, and in the consolidated accounts, where applicable, for that accounting reference period so that the same "generally accepted accounting principles and practice" are applicable for the current period and the comparative figures. Meaning of compliance with generally accepted auditing standards. Amended by: L.N. 233 of
- Compliance with "generally accepted auditing standards" shall mean adherence to international auditing standards: Provided that international auditing standards as adopted by the EU on a particular subject-matter shall apply instead and to the exclusion of international auditing standards covering the same subject-matter: Provided further that in conducting the statutory audit of small undertakings, the application of the auditing standards is to ACCOUNTANCY PROFESSION (ACCOUNTING AND AUDITING STANDARDS) [ S.L.281.02 be proportionate to the scale and the complexity of the activities of such undertakings. The Board may take measures in order to ensure the proportionate application of the auditing standards of the statutory audits of small undertakings.
- In any of the applicable accounting and auditing standards prescribed in these regulations, if there is any conflict between the English and Maltese texts, the English text shall prevail. Prevailing text. 3