ECCU Accounting Professionals complete training in International Financial Reporting Standards

Seventy-three accounting professionals from the eight member countries of 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.’{{more}}

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 Train the Trainers Workshop on IFRSs was designed 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, which ran from April 30 to May 4, 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. They 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 Jennifer Nero, Managing Director of the ECCB, the next steps in the project would be compilation of an operations manual, which would set out the functioning of the ICAEC and the preparation of a Business Plan for the institute. Nero added that the ICAEC was being strengthened to take on its rightful role as the authority on accounting and auditing in the OECS.

St Vincent and the Grenadines was represented by Floyd Patterson of BDO.