The Institute of Chartered Accountants of the Caribbean Formally Endorses the Adoption of International Standards for the Regional Accountancy Profession

The Institute of Chartered Accountants of the Caribbean (ICAC) at its 63rd Board of Directors Meeting in St John’s Antigua on June 20, 2012 formally endorsed the adoption of international standards by its member institutes as they work to ensure harmonisation of standards being implemented regionally.

“Since its establishment in 1988, the ICAC has sought to advance the accountancy profession in the Caribbean. It is the vision of the ICAC to establish a regional accountancy profession that meets internationally acceptable accounting standards and practices and provides a platform for the continued growth and development of the profession. As one of six recognized Accountancy Groupings of the International Federation of Accountants (IFAC), ICAC is mandated to support the objectives of IFAC and to promote internationally acceptable standards for the accountancy profession within the Caribbean. Most, if not all, of our member institutes have already adopted international standards, and we believe that the formal adoption of these existing standards by the ICAC Board affirms the profession’s commitment to adhere to international standards and best practices,” states ICAC President Betty Brathwaite.

“This important decision to endorse international standards for the region is also in keeping with the terms of the Affiliation Agreement entered into by ICAC and its member bodies in October 2009, which seeks to establish and maintain harmonised standards within the regional accountancy profession. The ICAC recognises that high-quality, internationally-acceptable standards in auditing, financial reporting, ethics, and education are critical to enhancing credibility and transparency within the profession and will ensure investor confidence and contribute positively to the economic development of the region,” the ICAC President further stated.

The ICAC Board at its June meeting resolved to formally endorse the adoption of the following international standards as regional standards by all its member bodies: International Standards on Auditing (ISAs) developed by the International Auditing and Assurance Standards Board (IAASB);

International Financial Reporting Standards (IFRSs) developed by the International Accounting Standards Board (IASB); International Financial Reporting Standards for Small and Medium Enterprises (IFRS for SMEs) developed by the IASB;

International Education Standards (IESs) developed by the International Accounting Education Standards Board (IAESB); and Code of Ethics for Professional Accountants developed by the International Ethics Standards Board for Accountants (IESBA).

The ICAC also resolved to encourage regional governments and authorities to adopt as a regional standard, International Public Sector Accounting Standards (IPSASs) developed by the International Public Sector Accounting Standards Board (IPSASB). The ICAC’s resolution reflects its support for IFAC’s Statements of Membership Obligations (SMOs) which member bodies globally are required to maintain compliance in serving the public’s interest.

The Institute of Chartered Accountants of the Caribbean (ICAC) is the recognised regional organization dedicated to advancing the interest of accountants and professionals in the finance and accounting sector within the Caribbean through the promotion of internationally acceptable standards and best practices, thought leadership, research and continuing professional. ICAC comprises seven member bodies (national accountancy institutes of Barbados, Bahamas, Jamaica Trinidad and Tobago, Guyana, Belize, Eastern Caribbean) and associate member (Suriname) with a network of approximately 3,500 accountancy professionals in the region.

For further information, please contact: Misha Lobban Chief Executive Officer The Institute of Chartered Accountants of the Caribbean 6 Lockett Ave, Kingston 4, Jamaica E-mail:icac@cwjamaica.com Website:www.icac.org.jm Tel: (876) 922-3223; Fax: (876) 948-6610