S.L. 281.2 Art. 3Meaning of compliance with generally accepted accounting principles and practice. Cap. 281.

(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.