This was part of the opening guidance provided to the core of financial professionals who are currently participating in a five-day workshop, that is continuing in Basseterre today Wednesday, at the Eastern Caribbean Central Bank, ECCB.
President of the Institute of Chartered Accountants of the Eastern Caribbean (ICAEC) Mr. Frank Myers said the workshop would help to prompt the region’s accountants to adapt to modern principles and procedures for the conduct of their work.
The workshop commenced at the ECCB Headquarters in St Kitts and Nevis on Monday and is part of a World Bank sponsored project and is being executed in partnership with the Institute of Chartered Accountants of the Eastern Caribbean (ICAEC), the IFRS Foundation and the Eastern Caribbean Central Bank (ECCB).
Accounting professionals from the Eastern Caribbean Currency Union (ECCU) member countries are involved in the workshop, which is designed to develop their capacity to provide training in the use of the IFRSs.
IFRSs are a set of accounting standards developed by the International Accounting Standards Board (IASB), which are accepted globally for the preparation of public company financial statements.
Managing Director of the ECCB, Mrs. Jennifer Nero, told the accountants that the groundwork for the project was laid some 6 years ago, following the World Bank completing a Report on Standards and Codes (ROSC) on the quality of accounting and auditing infrastructure and practices in the OECS.
She added that in 2010, the World Bank approved a grant of US$455,000 to assist with addressing the deficiencies identified. The ICAEC was then given the mandate to deliver three core deliverables before 2013.
Mrs Nero said that to date, the ICAEC, under the guidance of its President, Mr Frank Myers, has made substantial progress on the deliverables.