Companies (GAAP) (Jersey) Order 2010

Made                                                                        24th March 2010

Coming into force                                                          5th April 2010

THE MINISTER FOR ECONOMIC DEVELOPMENT, in pursuance of Articles 105(2)(a) and 219 of the Companies (Jersey) Law 1991[1] and after consultation with the Jersey Financial Services Commission, orders as follows –

1        Interpretation

In this Order, “the Law” means the Companies (Jersey) Law 1991[2].

2        Prescribed GAAP under Article 105(2)(a) of the Law

For the purposes of Article 105(2)(a) of the Law, the generally accepted accounting principles prescribed for the preparation of any one set of accounts for a financial period starting on or after the date this Order comes into force are any one of the following sets of principles and standards –

the Canadian Generally Accepted Accounting Principles (Canadian GAAP);

the Chinese Generally Accepted Accounting Principles (Chinese GAAP);

the Indian Generally Accepted Accounting Principles (Indian GAAP);

the International Financial Reporting Standards adopted by Regulation of the Commission of the European Communities, as that Regulation is in force from time to time;

the International Financial Reporting Standards issued by the International Accounting Standards Board;

the Japanese Generally Accepted Accounting Principles (Japanese GAAP);

the South Korean Generally Accepted Accounting Principles (South Korean GAAP);

the United Kingdom Generally Accepted Accounting Principles (UK GAAP);

the United States Generally Accepted Accounting Principles (US GAAP).

3        Citation

This Order may be cited as the Companies (GAAP) (Jersey) Order 2010.

4        Commencement

This Order shall come into force on the same day as Regulation 4 of the Companies (Amendment No. 4) (Jersey) Regulations 2009.

senator a.j.h. maclean

Minister for Economic Development

 


 



[1]                                    chapter 13.125

[2]                                    chapter 13.125


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