Region urged to adopt international public-sector accounting standards

Region urged to adopt international public-sector accounting standards

Wednesday, February 13, 2019

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THE Institute of Chartered Accountants of the Caribbean (ICAC) is calling for regional heads of government to adopt the International Public Sector Accounting Standards (IPSAS).

These are a set of accounting principles issued by the IPSAS Board for use by public-sector entities around the world in the preparation of financial statements.

“The accounting profession is very much bent on the implementation of the international best practices,” said president of the ICAC, Anthony Pierre.

He was speaking at the media launch of the 37th Annual Caribbean Conference of Accountants held last Friday at Jamaica Pegasus hotel in New Kingston.

Pierre said that the matter will be discussed at the conference scheduled to take place from June 20-22 at Pegasus, under the theme 'Navigating Global Disruption…Creating Opportunities'.

Approximately 500 accounting and business professionals from across the Caribbean, as well as key decision-makers in Jamaica's public and private sectors, are expected to attend.

Pierre said the ICAC recognises the integral role played by accounting professionals in the region.

“We are very cognisant of the fact that our region really cannot flourish if professions like our own do not play our part. So, we are very concerned and very present in terms of us helping with the economics of the region,” he noted.

He said that the primary objective of the ICAC, consisting of about 4,500 professional accountants across the region, is to advance and represent the interests of the accountancy profession in the Caribbean.

“We do that by promoting internationally acceptable standards and best practices in auditing, accounting, leadership — and we provide opportunities for members to participate in continuing professional development. This is very critical for our profession,” he added.

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