Gibraltar: The Accountancy Profession
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.