A five-day workshop in St Kitts is expected to better equip the OECS sub-region to fully embrace International Financial Reporting Standards (IFRS).
Over 70 accounting professionals from the Eastern Caribbean Currency Union (ECCU) member countries are participating in that Train the Trainers Workshop designed to develop their capacity to provide training in the use of the IFRS.
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.
A 2006 World Bank report on Standards and Codes on the quality of accounting and auditing infrastructure and practices in the OECS had identified the need to promote International Financial Reporting Standards in the sub-region.
Eastern Caribbean Central Bank officials say the World Bank in 2010 approved a grant of US$455,000 to assist with addressing the existing deficiencies.
The funds are intended to help develop a cadre of competent trainers in the OECS to conduct IFRS Training.
The initiative also seeks to create a long-term business plan that ensures the financial viability of an independent and sustainable Institute of Chartered Accountants of the Eastern Caribbean (ICAEC).
A third objective is the designing of an Operations Manual describing a quality assurance model of Accounting and Auditing Practices for the OECS.