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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