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ICAEC-IFRS Train the Trainers Workshop 2012


 

Please click here for speeches and audio and video recordings from the workshop

Accounting Professionals from the ECCU Completed Five-day Training in IFRSs

Seventy-three accounting professionals from the Eastern Caribbean Currency Union (ECCU) are now more knowledgeable and better equipped to conduct training in the application of the International Financial Reporting Standards (IFRSs), having completed the second Train the Trainers Workshop on 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.

The objective of the workshop, which ran from 30 April to 4 May, at the ECCB Headquarters in St Kitts and Nevis, was to bring the quality of accounting in the ECCU in line with international standards and to increase the participants’ competence to deliver training on the IFRSs to their counterparts in the region.

During the workshop, the certified public accountants, who are also members of the Institute of Chartered Accountants of the Eastern Caribbean (ICAEC), were exposed to 40 hours of training in the principles, concepts and application of the IFRSs.  The areas covered included: the main principles of each IFRS and the main applicable estimates and judgements; accounting for insurance contracts and financial instruments; and reporting financial performance in accordance with the IFRSs. 

Mr Michael Wells and Mr Andrew Hyland of the IFRS Foundation, and Mr Darrel Scott, Member of the International Accounting Standards Board, conducted the sessions. The participants have lauded the training as relevant, timely, invaluable to the profession and of a world class standard.

The workshop, which was part of a World Bank sponsored project, was executed in partnership with the Institute of Chartered Accountants of the Eastern Caribbean (ICAEC), the IFRS Foundation and the Eastern Caribbean Central Bank (ECCB).  

According to Mrs Jennifer Nero, Managing Director of the ECCB, the next steps in the project will be compilation of an operations manual which will set out the functioning of the ICAEC and the preparation of a Business Plan for the institute.  Mrs Nero added that the ICAEC was being strengthened to take on its rightful role as the authority on accounting and auditing in the OECS.

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speeches Speeches
  Please click on the links below for audio recordings of the speeches that were delivered at the opening ceremony on 30 April. (Audio files courtesy KYSS FM)
 
 
 
news release News Releases
 
  • ECCU Accounting Professionals Examine the Main Principles of the IFRSs. Read more

  • Managing Director of the ECCB, Mrs Jennifer Nero, said the groundwork for the Train the Trainers Workshop on the International Financial Reporting Standards (IFRSs) was laid 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. Read more
news release News Reports (audio)
 
 
 
news release Videos
 

Mrs Jennifer Nero and Mrs Svetlana Klimenco position the workshop within the global context. Please click here to view (Video footage courtesy ZBC Broadcasting Corporation)

 

  Some of the participants share their views on the benefits of the workshop. Click on links below to view.
(New - posted 9 May 2012)
 
 
 
 
 
 
 

Mr Edward Gift, Acting Comptroller, Inland Revenue, St Kitts and Nevis highlights the importance of understanding the application and effects of the new IFRSs on tax administration. Please click here to view. (New - posted 9 May 2012)


 

Speaking at the closing ceremony on 4 May, Mr Michael Wells, Director, International Financial Reporting Standards - Education Initiative, said: "There are few places in the world that we go to do workshops where we have such a warm and interactive experience." Please click here for more. (New - posted 9 May 2012)

 

 

Mrs Jennifer Nero, Managing Director, Eastern Caribbean Central Bank expresses satisfaction with the outcome of the workshop and outlines the next steps in the World Bank sponsored IFRS project. Please click here to view. (New - posted 9 May 2012)

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