GEN 8.2 GEN 8.2 Financial statements and financial reporting standards
GEN 8.2.1 GEN 8.2.1
Authorised Personmust prepare financial statements for each financial year of the Authorised Person.
GEN 8.2.1 Guidance1. Chapter 4 of the Islamic Finance Rules (
IFR) sets out specific disclosures an Authorised Personmust include in its financial statements when carrying on Islamic Financial Business.2. The financial statements prepared by an Authorised Personwhich is a Branchmay be the financial statements prepared for the Authorised Person'shead office.
GEN 8.2.2(1) An
Authorised Personmust, except as provided under (2) and GEN Rule 8.2.3, prepare and maintain all financial statements in accordance with the International Financial Reporting Standards (IFRS).(2) If an Authorised Person is a Branch and the financial statements have been prepared for its head office, those financial statements may be prepared and maintained in accordance with the recognised financial reporting standards in the jurisdiction where the head office is located.
GEN 8.2.3(1) An
Authorised Firmspecified in (2) may prepare and maintain its financial statements in accordance with IFRS for Small and Medium-Sized Entities (SMEs) where that standard applies to it.(2) Authorised Firmsspecified for the purposes of (1) are:(a) an Authorised Firmin Category 3B, Category 3C or Category 4, which does not hold or control Client Assetsor Insurance Monies; and(b) an Authorised Firmin Category 4 which is not authorised under its Licenceto carry on the Financial Serviceof Operatingan Alternative Trading System.(3) The DFSAmay by written notice direct that a particular Authorised Firmor a specified class of Authorised Firmspecified in (2) must prepare and maintain financial statements in accordance with IFRS rather than IFRS for Small and Medium Sized Entities.(4) The DFSAmay by written notice vary or revoke a direction under (3).(5) The procedures in Schedule 3 to the Regulatory Law apply to a decision of the DFSAto give a direction under (3) to a particular Authorised Firm.(6) If the DFSAdecides to give a direction under (3) to a particular Authorised Firm, the Authorised Firmmay refer the matter to the FMT for review.
Authorised Personmust:(a) if it is a Body Corporate, have its financial statements approved by the Directorsand signed on their behalf by at least one of the Directors; or(b) if it is a Partnership, have its financial statements approved by the Partnersand signed on their behalf by at least one of the Partners.