As an institute, we are committed to ensuring that we provide the focused, relevant educational opportunities, as well as guidance and thoughtful leadership to government, industry stakeholders and affiliates in this time of change.
- BICA President Jasmine Y. Davis
In November of each year, the Bahamas Institute of Chartered Accountants (BICA) observes "Accountants' Week", during which members of the accounting profession convene to focus on accounting education and topics of interest to members of that profession. The week begins with prayerful thanksgiving at a local church service, followed by four days of educational seminars, workshops and presentations for its members and other interested financial services stakeholders, and culminates with a Saturday morning fun/run/walk/push for accountants and others whose energy levels enable them to rise at 5 a.m. to participate in that early morning sojourn.
Therefore, this week, we would like to Consider This... has BICA achieved this year's thematic objective of "Broadening Our Expertise to Support the Changing Economic Environment"? A synoptic review of the week-long activities will assist us in answering that question.
Day 1: Preparing for VAT implementation: Presenting all the factors
Given the tremendous interest in and public discourse on the national issue of value-added tax (VAT), it is not surprising that the entire first day was devoted to this topic. The session commenced with an address on the subject by Michael Halkitis, minister of state in the Ministry of Finance, who outlined the rationale for the government's plans to implement VAT by July next year. The minister's succinct but comprehensive presentation addressed the urgent need for tax reform and shed light on the government's decision to introduce this new form of taxation.
In a second address on this subject, John Rolle, the financial secretary, explained that VAT represents the centerpiece of the government's tax reform. Numerous professionals from the Ministry of Finance delivered presentations at concurrent break-out sessions on a variety of topics, ranging from "the VAT Registration and De-Registration Process", "Accounting for VAT and VAT Accounting Systems", "VAT Compliance, the Legal Framework for VAT Legislation, Regulations and Penalties", "VAT Customs Transitional Arrangements for the Implementation Date" to "Legal and Compliance Issues".
Undoubtedly, the informative sessions on VAT highlighted the enormous resources that have been expended in developing this centerpiece of government's tax reform endeavors and the policy considerations that have been factored into the development of this subject. In the final analysis, the participants recognized and appreciated that many questions need to be answered relative to this transformative shift in the country's taxation system.
Day 2: Building on our foundations in accounting and
financial services
On Tuesday, conference participants were apprised of "The Expected Impacts of New Tax Legislation on the Financial Services Industry"; a presentation that was delivered by Cassandra Nottage, a stand-in for Ryan Pinder, minister of financial services.
An address entitled "Statements of Membership Obligations" was delivered by a representative of the International Federation of Accountants (IFAC), the international accountancy body that promulgates the accounting and auditing standards for the profession. BICA has been a member of IFAC since 1978. In addition, a representative of the World Bank delivered an address on "Institute Capacity Building". This was a historic moment for BICA because it was the first time that representatives of those two prominent international institutions, IFAC and the World Bank, addressed BICA members.
An extremely lively VAT panel discussion, comprised of members of the Bahamas Chamber of Commerce and Employees' Confederation (BCCEC), raised grave concerns about the impending introduction of VAT next year. In essence, the panelists asserted that there were many unanswered questions as we approach this imminent launch date of July 1, 2014.
The afternoon session featured a presentation by the Bahamas Trade Commission and senior trade professionals of the Ministry of Financial Services on the topic "Regional Comparisons & Initiatives, Reciprocity Agreements specifically with respect to the World Trade Organization, Economic Partnership Agreements and CARICOM Perspectives".
The second day ended with an "Update on Pending Legislative Changes (to the Public Accountants Act) and Expected Impacts". Participants were apprised of important changes that are being considered to the legislation that regulates the accounting profession, most notably the legislative framework for practice monitoring and peer review of accountants who are engaged in public practice, as well as disciplinary matters for persons who breach the rules of professional conduct that govern the profession.
Day 3: Technical update
Historically, the technical update is the most popular session during Accountants' Week because it affords accountants the opportunity to be informed about the most recent accounting and auditing developments, pronouncements and practices. The theme for this year was "Maintaining Our Technical Competency". This session has normally been led by foreign employees of the larger, international accounting firms. This year, however, witnessed a departure from that tradition. For the first time, the technical update was presented by a Bahamian accountant, Gowon Bowe, a partner at PricewaterhouseCoopers, and, by the reaction of many participants, attendees were treated to an exceptionally outstanding update of accounting, auditing and reporting standards.
Day 4: Cutting edge
tools, energy reform, ethics and certification fundamentals
The final day of educational sessions featured a potpourri of topics that were both timely and informative. The sessions included presentations on: "Making Information Technology Effective", "MS Office 2013 Highlights - Tools to Keep Your Business on the Cutting Edge", "Energy Reform for The Bahamas: A Step Change for Social Change & Economic Development", "Upholding Ethics in the Profession & Avoiding Scandals and Broadening Our Expertise Through Professional Training & Certifications".
Each of those sessions provided invaluable information, which when applied, will enhance professional efficiency and effectiveness and also provided registrants the opportunity to network with colleagues and presenters.
The week's highlight
Unquestionably, the highlight of the week of activities was the impact that VAT will have on the economy, the financial services sector, the society and the profession. Accountants by their education, experience and discipline are uniquely qualified to speak to and advise on the issues associated with taxation in general and VAT in particular.
Conclusion
The Bahamian accounting profession, which began in the 1960s, and culminated in the establishment of the institute with 13 original qualified accountant subscribers to the articles of incorporation in 1971, can now boast of more than 500 members. Approximately 250 accountants are licensed to engage in public practice by BICA. Twenty years after BICA's incorporation by guarantee, Parliament enacted The Public Accountants Act, 1991, which established a regulatory, legislative framework for the profession and that act has served the profession very well for the past 22 years. The profession is once again at the junction of legislative reform in order to assimilate the rapidly accelerating realities and nuances of the profession and the external demands of the world of business and finance.
Jasmine Davis, president of the BICA, her council and the continuing professional education committee should be heartily congratulated for a superlatively outstanding week of activities, which truly enabled the institute's members and participants to realize their objective of "Broadening Our Expertise to Support the Changing Economic Environment".
o Philip C. Galanis is the managing partner of HLB Galanis & Co., Chartered Accountants, Forensic & Litigation Support Services. He served 15 years in Parliament. Please send your comments to pgalanis@gmail.com.
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