ICAEC makes plans to enhance the Accounting profession

As part of the initiative towards enhancement of the Accounting profession in the OECS, representatives of the branches of the Institute of Chartered Accountants of the Eastern Caribbean (ICAEC) met at the Eastern Caribbean Central Bank headquarters over the period 24 – 25 February, 2011.{{more}} The business meeting, which forms part of a World Bank sponsored project launched on 7 December, 2010, sought to address to first major deliverable:

Development of a long-term business plan (including detailed recommendations on the Institute’s organisational structure, its linkage with the Project Countries’ governments and sub-regional organizations) to: Identify the Institute priority focus areas; Set out the revenues and resources required to carry out its responsibilities and determine options for fulfilling these needs and carrying out a workshop to discuss the completed plan and endorse its implementation.

The meeting successfully completed a first draft of the business plan which will be circulated to the members of the Institute for feedback in the next few weeks. The Institute’s stakeholders will also have an opportunity to review the plan and provide feedback in the upcoming months. The finalized business plan is expected to be submitted to the World Bank by December 2011. The implementation of the business plan is expected to create a sustainable Institute, which is essential to the financial development of the region.

The next major deliverable is a Train-the-Trainers workshop scheduled for May 16 to 20, 2011, at the ECCB headquarters. The workshop is geared toward training at least 50 accounting professionals in the particulars of International Financial Reporting Standards for SMEs. Information relating this workshop can be obtained from the respective ICAEC branches.