The Institute of Chartered Accountants of Bermuda
(ICAB) is the only professional accounting body in
Bermuda. It is affiliated with the Canadian Institute
of Chartered Accountants and has the same standing
as a Canadian provincial institute. ICAB members are
also members of the Canadian Institute. Members of
approved overseas accounting bodies may apply for membership
to ICAB.
In light of the above, many Bermuda companies apply
Canadian generally accepted accounting principles (GAAP)
and auditing standards. However, Bermuda companies
are permitted to follow the GAAP of other jurisdictions
(e.g., the country of incorporation of the parent company)
or internationally accepted accounting standards if
required when reporting to government authorities.
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