Background

The Institute of Chartered Accountants of the Maldives was formed on 8th September 2020. It was established to determine the financial reporting and auditing standards,  rules, principles, and practices that apply to the private sector; and provide technical assistance to the public institution charged with the legal responsibility to set public sector accounting standards.

Accounting Standards

IFRS Accounting Standards are required for all listed companies and financial institutions in Maldives.

Sustainability Disclosure Standards

The Maldives Sustainability Reporting Framework was released in October 2024 by the Capital Market Development Authority (CMDA) and the United Nations Development Programme (UNDP). It mandates listed companies in the Maldives Stock Exchange to report on environmental, social, and governance metrics. The framework incorporates insights from a range of international sustainability reporting standards and frameworks, such as GRI, SDGs, IFRS S1 and S2, SASB, etc.

*The information above has been translated and compiled from publicly available sources, including the official websites of relevant institutions and the website of IFRS.