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    GIBRALTAR SOCIETY OF ACCOUNTANTS


    EXPLANATORY FOREWORD TO GIBRALTAR ACCOUNTING STANDARDS


    Introduction


    1. This foreword explains the authority, scope and application of Gibraltar Accounting Standards (GASs) issued by the Gibraltar Society of Accountants (GSA) and the circumstances whereby other internationally recognised accounting standards may instead be followed. The scope of GAS extends to entities licensed or authorised by the Financial Services Commission (“FSC”) unless the applicable legislation requires or the FSC permits the adoption of alternative accounting standards. This foreword also considers the procedures by which the GSA issues GASs and their relationship to accounting standards adopted or issued by the Accounting Standards Board (ASB) in the United Kingdom. 


    Accounting Standards in the United Kingdom


    2. Accounting Standards issued by the ASB are “accounting standards” for the purpose of United Kingdom legislation which requires accounts, other than those prepared by small or medium sized companies (as defined by the UK Companies Act), to state whether they have been prepared in accordance with applicable accounting standards and to give particulars of any material departure from those standards and the reasons for it.


    3. In addition the Consultative Committee of Accountancy Bodies (CCAB) is committed to promoting and supporting compliance with accounting standards by its member bodies and by their members, whether as preparers or auditors of financial information.