Cayman Islands: Accounting Standards

Historically, owing to differences in accounting standards, many financial institutions have offset more assets with liabilities under US GAAP than under IFRS.

During the last twenty-five years the Cayman Islands have developed into one of the world’s largest international financial centers, with more than 300 hundred active licences for banks and trust companies, 700 insurance companies and over 7,000 mutual funds. The stock exchange has approximately 1,000 listed entities with a market capitalization of over US$77 Billion.

Darwin believed that evolution takes place over long periods of time and the development of the Cayman Islands mutual fund industry may be further proof of his theory.