PRIV 5.5.1 Accounting Standards

(1) Unless subrule (2) or (3) applies, the operator of a scheme must prepare and keep all financial accounts and statements in accordance with—
(a) US GAAP; or
(b) UK GAAP or IFRS, as supplemented, if appropriate, by the Statement of Recommended Practice issued from time to time by—
(i) if the scheme is an open-ended scheme — the United Kingdom Investment Management Association; or
(ii) if the scheme a closed-ended scheme — the United Kingdom Association of Investment Companies.

Note US GAAP, UK GAAP and IFRS are defined in r (4). Open-ended scheme and closed-ended scheme are defined in r 1.2.7.
(2) If the scheme is an Islamic fund, the operator must prepare and keep all financial accounts and statements in accordance with the accounting standards of AAOIFI FAS 14.

Note Islamic fund is defined in r 1.2.9. AAOIFI is defined in the glossary.
(3) If the operator of an umbrella scheme operates 1 or more subschemes that are Islamic funds, it must prepare and keep all financial accounts and statements in accordance with IFRS, as supplemented by AAOIFI FAS 14.

Note 1 Umbrella scheme and subscheme are defined in r 1.2.8.

Note 2 AAOIFI FAS 14 sets out the accounting rules for conventional institutions that offer Islamic financial services.
(4) In this rule:

IFRS means International Financial Reporting Standards.

UK GAAP means generally accepted accounting principles in the United Kingdom of Great Britain and Northern Ireland.

US GAAP means generally accepted accounting principles in the United States of America.
Derived from QFCRA RM/2010-06 (as from 1st January 2011)