ECCB Hosts Workshop on International Financial Reporting Standards for Non-Bank Financial Institutions
ZIZ News…Feb. 21, 2013 — The Eastern Caribbean Central Bank (ECCB) will host a five-day training workshop on the International Financial Reporting Standards (IFRS) specific to Non-bank Financial Institutions (NBFI) from 25 February to 1 March.
The IFRS standards, which were developed by the International Accounting Standards Board (IASB), have been adopted globally for the preparation of public companies’ financial statements. Over 80 regulators, accountants, anti-money laundering specialists, preparers and users of financial accounts from the Eastern Caribbean Currency Union and CARICOM will participate in the workshop, which is designed to promote the standardisation and consistency in financial reporting in the Caribbean.
The objectives of the workshop are:
- To enhance IFRS capacity in the NBFI Sector in the Caribbean;
- To strengthen the audit and regulation of the NBFI in the region; and
- To provide a forum for interaction, sharing of experiences and discussion of common issues in relation to the application, audit and regulation of IFRS reporting of the NBFI in the region.
The workshop forms part of a broader training initiative to strengthen the capacity of non-bank financial institutions in the region, and is sponsored by the World Bank in partnership with the ECCB and the International Accounting Standards Board.