Regulations, 2009

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 18,366, 16 ta’ Jannar, 2009

Taqsima B

L.N. 19 of 2009

ACCOUNTANCY PROFESSION ACT

(CAP. 281)

Accountancy Profession (Accounting and Auditing Standards)

Regulations, 2009

IN exercise of the powers conferred by paragraph (a) of sub-

article (1) of article 8 of the Accountancy Profession Act, the Minister

of Finance, Economy and Investment, on the recommendation of

the Accountancy Board, has made the following regulations

(1) The title of these regulations is the Accountancy

Profession (Accounting and Auditing Standards) Regulations,

2008. (2) These regulations shall be deemed to have come

into force on 1 October 2008.

In these regulations, unless the context otherwise

requires

“accounting reference period” shall have the meaning

assigned to it in the Companies Act;

“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;

“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 Standards (IFRS) and related Interpretations (SIC-

IFRIC 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 on Auditing (ISA) and related Statements and

Standards, insofar as relevant to the statutory audit, issued from

time to time by the International Auditing and Assurance Board,

a standard-setting body designated by, and operating under

the auspices 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 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;

“statutory audit” shall have the meaning assigned to it in

the Act.

(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) of this regulation

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) of this regulation 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.

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.

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.

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