ECCU accounting professionals increase capacity in financial reporting standards

Over 50 accounting professionals from the Eastern Caribbean Currency Union (ECCU) member countries are engaged in a train the trainers workshop on the international financial reporting standards (IFRS) at the ECCB headquarters in St Kitts and Nevis.

The workshop, which opened on Monday, seeks to develop the capacity of regional financial reporting trainers to provide training in the use of IFRS for small and medium size enterprises (SMEs). The workshop is also designed to provide a forum for interaction among trainers, the sharing of experiences and the discussion of common issues in relation to the application of IFRS in SMEs.

The Institute of Chartered Accountants of the Eastern Caribbean (ICAEC), the IFRS Foundation and the Eastern Caribbean Central Bank (ECCB), are coordinating the workshop, which is part of a World Bank sponsored project.

The IFRS are a set of accounting standards developed by the International Accounting Standards Board (IASB). They are being adopted globally as the standard for the preparation of public company financial statements. Three members of the IASB are conducting the sessions, which focus on the standards, interpretations, framework and requirements of the IFRS.