ECCU Accounting Professionals Receive training on IFRSS
By Drizel Hanley
Over 70 accounting professionals from across the Eastern Caribbean Currency Union (ECCU) member countries are currently participating in the second Train the Trainers Workshop on the International Financial Reporting Standards (IFRSs), at the ECCB Headquarters.
The workshop, which officially opened on Monday, April, 30 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).
Speaking at the opening ceremony, Managing Director of the ECCB, Mrs. Jennifer Nero, said that the foundation for the project was arranged in 2006 when the World Bank completed a Report on Standards and Codes (ROSC) on the quality of accounting and auditing infrastructure and practices in the OECS.
“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” she added.
President of ICAEC, Mr. Frank Myers, in his remarks said that the workshop would help to prompt the region’s accountants to think more deeply about the application of the IFRSs rather than following past procedures.
Mr. Michael Wells, Director of the IFRS commended the ECCU accounting professionals for their consistent application of the accepted standards in the region.
Areas to be covered during the five-day workshop include: the main principles of each IFRS and the main applicable estimates and judgments; accounting for insurance contracts and financial instruments; and reporting financial performance in accordance with the IFRSs.
The IFRSs are a set of accounting standards developed by the International Accounting Standards Board (IASB), which are being adopted globally for the preparation of public company financial statements.
Mr. Michael Wells and Mr. Andrew Hyland of the IFRS Foundation, and Mr. Darrel Scott, Member of the International Accounting Standards Board, are conducting the sessions.
Accounting for insurance contracts and financial instruments and reporting financial performance in accordance with the IFRSs are two areas of study for the five day workshop.
The first of such workshops was conducted during the period 16 – 20 May 2011.