The accounting profession in Guyana is regulated by the Institute of Chartered Accountants in Guyana (ICAG).
The ICAG was established on 9 November 1966 and became a statutory body with the enactment of the Institute of Chartered Accountants in Guyana Act of 1991.

The Institute of Chartered Accountants in Guyana was admitted to membership of International Federation of Accountants in 2000.
 

The Institute adopted International Accounting Standards now called International Financial Reporting Standards (IFRS) in 1998.

The Institute adopted International Financial Reporting Standards (IFRS) for Small and Medium-sized Entities (SMEs) in 2010.

The International Financial Reporting Standard (IFRS) are issued by the International Accounting Standards Board (IASB). The International Accounting Standards Board (IASB) is committed to developing, in the public interest, a single set of high quality, global accounting standards that require transparent and comparable information in general purpose financial statements. In pursuit of this objective, the IASB co-operates with national accounting standard-setters to achieve convergence in accounting standards around the world.

All companies incorporated under the Companies Act 1991 are required to submit their annual tax returns supported by financial statements. The financial statements must comply with International Financial Reporting Standards (IFRS) issued by ICAG.