Gibraltar: Accountancy Profession

On this Page:

- Gibraltar Introduction
- Gibraltar Role of the GSCCAB
- Gibraltar Accountancy Firms
- Gibraltar Auditors
- Gibraltar Financial Reporting Standards

Gibraltar Introduction

Since the introduction of the Companies Ordinance in 1930, companies are required by law to keep proper books of account and to prepare annual accounts which must be audited by independent auditors. This encouraged the development of the accountancy profession which has been in existence in Gibraltar for over seventy years.

Gibraltar Role of GSA (GSCCAB)

The Gibraltar Society of Accountants (formerly known as the Gibraltar Society of Chartered and Certified Accountancy Bodies (GSCCAB)) has over 100 members in practice or in commerce and industry. The members of the GSA are almost all members of the Institute of Chartered Accountants in England and Wales or the Association of Chartered Certified Accountants of the United Kingdom.

The GSA provides guidance on technical and professional issues, organises training for members and students and generally provides a forum for members to discuss and resolve issues affecting the profession. It also represents members at meetings and negotiations with the Government of Gibraltar, the Financial Services Commission and other professional bodies.

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Gibraltar Accountancy Firms

Apart from performing the annual statutory audit function, member firms are in a position to advise on strategic planning and financial forecasting, personal and corporate tax, pension arrangements and pension fund management, corporate recovery, receiverships and liquidations, payroll administration and management accounts.

In addition many firms also provide for the incorporation and management of Gibraltar companies, application for tax exempt status for offshore companies, the setting-up and administration of offshore tax exempt trusts, and if required liaison with specialist intermediaries and advisors such as banks and brokers.

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Gibraltar Auditors

Auditors in Gibraltar are required to register with the Auditors Registration Board. They must be members of a recognised body of accountants established in the United Kingdom or have similar qualifications.

In effect registration is now possible only for accountants who are members of a body which is approved by the United Kingdom Department of Trade. However, there are a number of unqualified accountants who have benefited from the transitional provisions of the Auditors Registration Ordinance and who are also authorised to perform audits. Registration is renewable annually.

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Gibraltar Financial Reporting Standards

Members of the GSA are required to ensure that accounts audited by them comply with Gibraltar Financial Reporting Standards (GFRS's) which are in all material respects based in the UK Statements of Standard Accounting Practice and Financial Reporting Standards, amended for compatibility with local legislation.

The main objectives of the GFRS's are to ensure that all company accounts are prepared on the same basis in order to permit meaningful comparisons. The minimum disclosure requirements are based on International Accounting standard 5. In addition the financial statements as a whole are audited and the auditor reports on the truth and fairness of the financial statements in accordance with Statement of Auditing Standard 600 in the UK.

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