ECCU Accounting Professionals Equipped to Conduct Training in International Financial Reporting Standards for Small and Medium Enterprises

ZIZ News…May 23 2011 – Fifty-three (53) members of the Institute of Chartered Accountants of the Eastern Caribbean (ICAEC) are now better equipped to train other accounting professionals in the Eastern Caribbean Currency Union (ECCU) in the International Financial Reporting Standards (IFRS) for Small and Medium-sized Entities (SMEs).

Accounting professionals from seven ECCU member countries participated in the Train the Trainers Workshop on IFRS for SMEs which was held at the Eastern Caribbean Central Bank Headquarters, St Kitts and Nevis from 16 – 20 May.

The IFRS for SMEs is a self-contained standard designed to meet the needs and capabilities of small and medium enterprises, which are estimated to account for over 95 per cent of all companies around the world.

During the five-day workshop, the participants were introduced to the conceptual framework of the IFRS and were involved in intense training sessions on all sections of the IFRS for SMEs. Each session included plenary instruction followed by group discussion supported by quizzes and case studies.

Michael Wells, Director of the IFRS Education Initiative; Mary Barth, Academic Advisor to the International Accounting Standards Board; and Bob Garnett, Chairman, IFRS Interpretations Committee conducted the sessions.

The participants have given their commitment to training other accounting professionals in their respective countries in the use of IFRS for SMEs, thereby improving the overall quality of the financial reporting in the ECCU.

The Train the Trainers IFRS workshop was one of the main deliverables of a World Bank sponsored project to strengthen the institutional capacity of the ICAEC. The next major deliverable is the preparation of a Continuing Professional Development (CPD) Education Programme for members of the ICAEC.