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According to the Deloitte IAS Plus website, listed and unlisted companies in Malta have been following International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB) since 1995. However, in January 2009 the Accountancy Profession Act was amended to require companies to follow IFRSs as issued by the European Union instead of the full version of IFRSs. This amendment took effect for accounting periods commencing on or after January 1, 2008. Furthermore, in March 2009, in order to ease the financial reporting burden for small and medium-sized enterprises (SMEs), the Maltese Companies Act was amended to introduce General Accounting Principles for Smaller Entities (GAPSE), a special accounting standard for SMEs, which mandates reduced disclosure requirements for this type of entities.

A December 2006 Malta Institute of Accountants (MIA) self-assessment notes that the Maltese Companies Act requires application of International Standards on Auditing (ISAs) as issued by the International Auditing and Assurance Standards Board (IAASB) for audits of financial statements. Furthermore, the MIA mandates the same effective dates as those determined by the IAASB. Malta, being a EU member, thus adheres to the Directive 2006/43/EC of the European Parliament and Council which requires all statutory audits of annual and consolidated accounts to be carried out in accordance with international auditing standards as adopted by the EC. Although the international auditing standards are not yet defined, it is widely anticipated that ISAs as issued by the IAASB will be adopted. The EC website adds that a Bill transposing the EU Eight Directive was published on August 18th, 2008. The effective date of this new legislation is still to be announced by the Minister of Finance, the Economy and Investment.