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The Institute of Chartered Accountants of the Caribbean The Institute of Chartered Accountants of the Caribbean

he Instituteof Chartered Acountants ofthe Caribbean

T NEWSLETTERNEWSLETTER

PRESIDENT’SMESSAGE

•InBrief:-BoardofDirectors’Meeting........3•ICACAffiliatesNews...........…....4• Highlights: Regional Forum onIFRSforSMEs..................................6•FYI:-ICAC2010ConferenceUpdate

-WorldCongressofAccountants2010..................................................7• FeatureArticle:-AccountantsandClimateChange...........................................8-9-ICACReceivesACCARecognitionAward................................................9

•TechnicalArticle:-Competency-basedEducation:EnsuringKnowledge&Performance....................................10•TerritorialUpdates..................11-14•GlobalAccountancyUpdate........14

Harry ParmesarICACPresident

IamhappytoupdateyouontheactivitiesoftheInstituteofCharteredAccountantsoftheCaribbean(ICAC)sincethepublicationofourlastNewsletterissueinJuly.

Implementation of IFRS for SMEs The ICAC has welcomed the muchanticipated releaseof IFRS forSmall andMedium-sizedEntitiesbytheInternationalAccountingStandardsBoard (IASB).TheStandard is available for use effectiveJuly 2009 and we encourage all memberinstitutesintheregiontoadopttheStandardfor implementation in their respectivejurisdictions. The complete Standard isavailablefromtheIASBwebsite.

In keeping with our role to promoteinternationally acceptable standardswithin the Caribbean region, the ICAChas embarked on a number of initiativesincollaborationwithmember institutes toassistwiththeeffectiveimplementationofIFRSforSMEsintheregion.

OnesuchinitiativewasaforumonIFRSforSMEs,whichtheICACwaspleasedtohostjointlywithitsmemberbody,theInstituteofCharteredAccountants ofTrinidad andTobago (ICATT). The event which washeldinTrinidadonNovember30,attractedparticipants from all over the region andenabled members of the profession andother stakeholder representatives to learnabouttheStandardanditsrequirementsforSmall and Medium-sized Entities. Moreimportantly,itprovidedanopportunityforparticipantstoairtheirconcernsandtogetclarificationontheStandard.

The forum discussions provided valuable

insights and feedback. It was noted, forexample,thatwhilethestandardisdescribedas simple there is a great need for moreregional fora and training opportunitiesto facilitate ongoing discussions andsensitizationofmembersoftheprofessiontothenewStandard.

Some persons were also of the view thatthe ICAC should be more involved inadvocacy/lobbywithgovernmentandotherkey entities in the region on issues suchas the free movement of professionals,regulatory matters and other issues ofrelevancetotheprofession.Inthisregard,I am happy to report that discussionsare already underway at the level of theICAC Board to formulate a reciprocityagreement to facilitate the freemovementofaccountancyprofessionalswithinICACmemberterritories.

The ICAC is also collaborating with theIASCFoundationtohostaregional‘train-the-trainer’IFRSforSMEsworkshopfromJune28–30,2010 inTheBahamas.Theworkshopwillbeheldinconjunctionwiththe ICAC’sAnnualCaribbeanConferenceofAccountantstobeheldinTheBahamasfromJune24-26,2010

TheworkshopfacilitatorswillbeMichaelWells, Education Director of the IASCFoundation and Paul Pacter, Director ofStandardsforSMEsattheIASB.Mr.PacterisalsotheheadofthetechnicalgroupwhichdevelopedthenewstandardforSMEs.Theworkshop will provide participants withan opportunity to learn more about thestandardandtobefully-equippedtoassisttheir various sectors and organizations in

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August - November 2009

The Institute of Chartered Accountants of the Caribbean

effectivelyimplementingthenewstandard.TheICACSecretariatwillbedisseminatingfurtherdetailsonthisworkshoptomemberInstitutesandotherstakeholders.

Regional Practice Monitoring ReportThe implementation of the ICAC/ACCA practice monitoringprogrammeisongoingacrosstheregion.ReportsfromtheACCAmonitoringteamhavebeenreceivedbysomememberinstitutes,whoareprovidingsupportandguidanceto individualmembersandfirmstoaddress thevarious issuesraised in themonitoringreports. The monitoring review process will continue in 2010andwe expect to see significant improvements in the regionalaccountancyprofessionasaresult.

Initiatives for 2010Efforts are being made to increase the number of joint CPDseminarsandtrainingwithmemberinstitutesaroundtheregion.

The objective is to help meet the continuing professionaldevelopmentneedsofmembersinoursmallermemberterritories.Plans are already underway to host joint CPD seminars inSurinameandSt.Kittsinthefirstquarterof2010.

We will continue discussions with the Suriname AssociationofAccountants, a relatively new accountancy body, which hasexpressedinterestinjoiningthemembershipoftheICAC.Inthisregard,outCEO,MishaLobban,visitedSurinameinNovember2009 as a part of a follow-up tomy visitwith theAssociationin July 2009 aswe seek to identify the areaswhere the ICACcan provide support in further developing theAssociation andtoensure that itmeets the requirements formembershipwithinICAC.

Webelievethatwheretherearepotentialmemberbodieswithinthe region thatdonotyethaveawell-establishedstructureand

are in embryonic stages of development, it isthe responsibility of the ICAC to assist in theirdevelopment so that the overall standard of theprofession regionally is augmented.As such,wehave recently amended our Articles to includeprovisionsforthecategoryofAssociatemember.FurtherreviewandmodernizationoftheArticlestoensurethatitisinkeepingwithgoodcorporategovernancepracticeswillcommencein2010andwillinvolveconsultationswithmemberinstitutesandotherkeystakeholders.

AcknowledgementsAsthisisthelastnewsletterissuefor2009,IwishtoexpressmyappreciationtotheBoardofDirec-tors,theCEOandAdministrativeAssistantoftheICAC Secretariat for their sterling contributionandsupportduringthismyfirstyearasPresident.Ialsowishtothankourmemberinstitutes,affili-ates and stakeholders in the region andoverseasforyourinvaluablesupportduringtheyear.Iex-tendtoyouallSeasonsGreetingsandbestwishesfortheNewYear.

Harryram ParmesarPresident

The Instituteof Chartered

Acountants ofthe Caribbean

from

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Ms.AngelaLeeLoywasthefirstfemaletobe elected President of the ICAC in 2006andheldthatofficeuntilJune2009.During her presidency, a number of theICAC’sstrategicgoalswereadvanced,mostnotably, the implementation of the ICAC/ACCA regional monitoring programmewhich officially commenced in 2008with the signing of contracts by memberInstitutesinBarbados,GuyanaandTrinidadand Tobago. The Bahamas and Eastern

Caribbean also signed contracts for the practice monitoringprogrammeinJune2009duringherpresidency.

Ms.LeeLoyistheManagingDirectorofAegisBusinessSolutionsLimited and Aegis Management Solutions Limited. She has

over thirtyyearsexperience inAuditingandBusinessAdvisoryServiceshavingworkedwithAegisandPricewaterhouseCoopers(PwC), includingasix-monthattachmentatPwC’sHongKongoffice.

SheisalsothefirstfemalepresidentoftheInstituteofCharteredAccountantsofTrinidadandTobago(ICATT),from2007-2009.She is currently theTrinidad andTobago representative on theInternationalAssemblyoftheAssociationofCharteredCertifiedAccountants(ACCA)andtheChairmanofTrinidadandTobago’sNationalAIDSCoordinatingCommittee(NACC).In2002, shewas inducted into the InternationalAssociationofBusinessLeadersandin2004,shewasselectedasanhonouredmemberoftheWho’sWhoofProfessionalsinTrinidad&Tobago.

FACTOID

ISTORICAL TIDBITH

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OARD OF DIRECTORS’ MEETINGBIN BRIEF

TheICAC’s55th BoardofDirectors’MeetingwasheldonSaturday,October10,2009inMiami,Florida.Amongtheissuesontheagendawere:

• The ongoing implementation of theICAC/ACCA Practice Monitoring Programme withinmember territories in theregion.MonitoringvisitsbyACCA’smonitoringteamhavebeen carried out in Barbados, Guyana and Trinidad andTobagoandwillcontinuein2010.Inaddition,followingthesigningofmonitoringcontractsbyTheBahamasandtheEasternCaribbeaninJune2009,ateamfromACCAvisitedTheBahamas,St.LuciaandAntiguainNovembertomakepresentations to practitioners on the monitoring reviewprocess.This is in preparation for the commencement ofthemonitoringprogrammeintheseterritoriesin2010.

ItisanticipatedthatBelizeandJamaicawillsignontotheregionalmonitoringprogrammein2010.

• Amendments to the ICAC’s Articles of Association toensurethatitreflectsthecurrentmandateofICACandgoodcorporategovernancepracticeswereapprovedbymajorityvoteattheICAC’sAnnualGeneralMeetinginJune2009.PhasetwoofthereviewandmodernizationoftheArticles is scheduled to commence shortly and will be led by aTaskForcechairedbyVice-President,JoanBrathwaiteandcomprisingDirectors,PrunellaVassell;LyleHandfieldandMuirBrown.

• TheAffiliation Agreement between ICAC and regional instituteswassignedbyBarbados,theEasternCaribbeanand Trinidad and Tobago at the board meeting. Theagreement has subsequently been signed by Belize andGuyana.

The Affiliation Agreement seeks to harmonise specificareasandresponsibilitiesundertheambitoftheICACinthe interest of the regional accountancy profession. ThespecificareasoutlinedinScheduleAoftheAgreementare:

(i) AdmissionofMembers(TheICACwillestablishharmonizedstandardsforadmissionintheregionandnationalinstituteswillmaintainauthorityandresponsibilityforrecruitmentandadministrationofadmissionstandards/requirements)

(ii) ProfessionalregulationsfortheregionalprofessionincludingaCodeofEthicsandCPDstandardsincompliancewith IFAC’s standardswhichwouldbesetbyICAC.nationalinstituteswillmaintainresponsibility for the implementation of CPDprogrammes,disciplinaryproceduresandqualityassurance programme within their respectiveterritories

(iii) PublicInterestandAdvocacyattheinternationalandregionallevelbytheICAConbehalfoftheaccountancyprofession

• An ICAC Board Policy Manual was formally presented

at the board meeting. The manual outlines the ICAC’sgoals andobjectives, theArticlesofAssociation, ICAC’sgovernancestructureaswellassignificantpolicydecisionsmadebytheICACBoardovertheyears.Themanualwillserve as an important resource document for new andexistingDirectors.

The Institute of Chartered Accountants of the Caribbean 4

IN BRIEFIAssociation of Chartered Certified Accountants (ACCA)

ACCA celebrates 10th AnniversaryACCAcelebratedthe10thanniversaryofitsCaribbeanofficeinNovember2009.Agalaevent tomarkthismilestonewasheldonNovember2,attheHyattRegencyHotelinTrinidad.ACCAchiefexecutive,HelenBrand,wasthefeaturedspeaker.

Certificate in International AuditingACCA now offers its Certificate in International Auditing(CertIA) in Spanish and Portuguese in addition to its existingEnglishlanguageversion.ThestudymaterialsandtheassessmentforthecertificatearedeliveredentirelyonlinethroughACCA’se-qualificationportal.

New online training resource – ACCA COMPASSACCAhaslaunchedanewonlinetrainingresource–developedby accountants for accountants. CalledACCA COMPASS, theresourceassessescorecompetenciesandabilitiesonline.UniquetoACCA,theresourcesallowmemberstobenchmarktheirskillsagainstagivenroleatvariouslevelsofexperience.Italsoallowsthemtocreateacareerdevelopmentpathwayonthesamecareertrajectory or into a parallel track. For more information visit,www.accaglobal.com/members/cpd/plan/acca_compass

ACCA welcomes completion of IASB’s project The International Accounting Standards Board’s (IASB) newstandard for small andmedium sized enterprises (SMEs) willhave significant impact on millions of companies around theworld, saysACCA in welcoming the announcement. RichardMartin,HeadofFinancialReportingatACCAsaid:“Theuseofinternationalstandardsacrosstheboardshouldaddcredibilitytothefinancial statementsofunlistedcompanies, at a timewhenpotentialusersofaccountswanttobeabletorelyonthefigurestheysee”.

ACCA Policy paper on The Future of Financial RegulationInternationalpolicypaper,The Future of Financial Regulation,recommends an overhaul of financial regulation across majorcapitalmarketsonlyafteracomprehensivereviewofthefactorswhichcontributedtotheglobalfinancialcrisis.Thereportcallsfor joint action involving governments, regulators, companiesandotherstakeholderstoensurelastingimprovementswhichwilladdressboththecurrentproblemsandanticipatefuturethreatstotheintegrityofthefinancialsystemsandbroadereconomy.

American Institute of Certified Public Accountants (AICPA)

Free Guide on International Financial Reporting StandardsIn an increasingly interconnected global economy, all capitalmarketparticipantshaveastakeindiscussionsabouttheworld’saccounting standards. In the interest of an informed publicdiscussion,theCenterforAuditQuality,whichisaffiliatedwiththeAICPA, has developed aGuide to International Financial Reporting Standards.TheGuide providesinvestors,policymakersandothercapitalmarket stakeholderswitha timely,accessibleandobjectiveintroductiontothecurrentdebateoverasinglesetofhigh-qualityglobalaccountingstandards.Downloadthefreeguidefrom:http://www.thecaq.org/publications/GuidetoIFRS.pdf.

Mutual Recognition Agreement for Accountants Signed

between U.S. and New ZealandRepresenting theAICPAand theNationalAssociationofStateBoards of Accountancy (NASBA), the U.S. InternationalQualifications Appraisal Board (IQAB) signed a MutualRecognitionAgreement(MRA)withtheNewZealandInstituteofCharteredAccountantsonAugust12.TheboardsofdirectorsoftheAICPAandNASBAhadapprovedsigningoftheagreementrecommended by the IQAB. MRAs, which encourage stateaccountancyboardstousethespecialInternationalQualificationsExaminationforreciprocity,alsocurrentlyexistwithaccountancyinstitutesinCanada,Mexico,IrelandandAustralia. AICPA Named Green Plus Mover by the Institute for Sustainable DevelopmentTheAICPAwasamongnineorganizationsnamedaGreen Plus Mover by the Institute for Sustainable Development for itseffortstobecomea“green”smallbusiness.Green Plus Moversrecognizescompaniestakinganimportantsteptowardachievingthat Institute’s sustainability small business certification.“Companies are paying more attention to the longer-termeconomic, environmental and social impacts of their businessdecisions,” said BarryMelancon,AICPA President and CEO.“The AICPA is proud to be recognized by the Institute forSustainableDevelopmentforourowneffortstobecomeamoregreenandsustainableorganization.”

Regulatory Reform Plan Calls for Changes to Accounting StandardsPresidentBarackObama’s regulatory reformproposal callsonaccounting-standardsetterstoclarifyandimproveconsistencyintheapplicationoffairvalueaccounting,toimproveaccountingstandards for loan-loss provisioning and to make substantialprogress toward development of a single set of high-qualityglobalaccountingstandardsbytheendof2009.

Thefullversionoftheseandotherarticlescanbefoundat:h t tp : / /www.a icpa .org /Magaz ines+and+Newsle t te r s /Weekly+News+Updates/)

Certified General Accountants of Canada (CGA-Canada)

Well-structured Environmental Policies Can Lead to Double Dividend, CGA-Canada Report Concludes Revenues derived from government environmental policies toreduce carbon emissions should be used to increase efficiencyofthetaxsystem.Suchafocuscouldleadtobothenvironmentaland economic benefits, according to an Issue in Focus paperreleasedbyCGA-Canada.

Carbon Revenue Recycling – Opportunities and Challengesexamines the benefits of “recycling” carbon revenues into theeconomy to offset the economic costs incurred by reducingemissions.Revenues can be generated through either a tax oncarbon emissions or a cap and trade system. The concept ofrecyclingthoserevenuesinvolvesapplyingthemtoreductionstootherformsoftaxation.AcopyofthepaperisavailablefromtheCGA-Canadawebsite,www.cga-canada.org.

CGA-Canada and CPA Ireland enter Strategic PartnershipThe Institute of Certified Public Accountants in Ireland(CPA Ireland) and CGA-Canada have entered into a mutualrecognitionagreement(MRA).TheMRAestablishesastrategicpartnership between the two leading accounting organizationsand gives members the opportunity to qualify for another

CAC Affiliates News

The Institute of Chartered Accountants of the Caribbean The Institute of Chartered Accountants of the Caribbean 5

designation.Undertheagreement,membersingoodstandingofeitherbodywillbeconsideredformembershipbytheotherbody.Memberswishingtopracticepublicaccountingwillberequiredto meet the specific regulatory and legal requirements in eachjurisdiction.

Updated Competencies To Keep Certified General Accountants Ahead CGA-Canada is once again updating its requirements forcertification as it continues to positionCGAs for financial andstrategicleadershiproles.Withanemphasisonevengreaterdepth,the2010CGACompetencyFrameworkistheresultofanextensivepracticeanalysisinvolving6,000CGAs,anationaltaskforce,andablueribbonpanel.Theambitiousprocess–whichidentifiesthechangingneedsoftheaccountingprofessionandthemarketplace– is repeated every three to five years. The competencies arewrittenasstatementsthatspecifytheroles,tasks,andbehavioursofaprofessionalaccountant.Theassociationusesthemtoassesswhethercandidates,regardlessoftheircareeroption,havecarriedthemouttothestandardexpectedbyclients,employers,andthepublic.A copy of the Framework is available from the CGA-Canadawebsite,www.cga-canada.org.

CGA Launches Facebook SiteCGA-Canada and its provincial and territorial affiliates areexpanding their social networking presencewith the launch oftheirveryownFacebooksite.Thisengagingsiteprovidesthoseinterested in the accounting profession a look at thewealth ofopportunitiesthataCGAdesignationoffer.

Institute of Chartered Accountants of England and Wales (ICAEW)

Accountants and Global Requirements on Money Laundering and other CrimeTheICAEWhashadguidanceincludedinitsHandbookforthe

lasttwodecadespermittingmemberstodiscloseinformationondefaultsandunlawfulactsbyclientsoremployingentities,totheproperpublicauthorities,whereitisinthepublicinterestforthistobedone.ThecurrentversionofthisguidanceisavailablefromtheMembersHandbook atwww.icaew.com/membershandbook,Section7.1.

Thisisconsistentwiththeprofession’scommitmenttointegrityand serving the public interest. Not all accountants agreewiththis approach, though, andmanyviewwith concern thedegreetowhich theUK has imposedAnti-MoneyLaundering (AML)systemsandreportingrequirementsonmembersoftheprofessionintheUK,andthehugenumberofmoneylaunderingsuspicionreportswhicharesenttotheFinancialIntelligenceUnitasaresult.AccountantsinpracticeintheUKmakesomethingoftheorderofsixthousandSuspiciousActivityReports(SARs)ayear.TheinformationfromSARsisfedintothepoliceintelligencesystem,whereitisusedforthedetectionandpreventionofcrimefarmoreextensively thanwas initially envisaged, not just in relation toterrorism,drugtraffickingandcorruptionbutburglary,fraudandmurder.

The document provides, formost accountants, a verywelcomemove towards a principles based approach, rather than thetraditional approachwhich seemedmore aimed at detailed rulecompliance, with little consideration to the benefit in terms ofbetterlawenforcement.Thecompletearticleisavailableathttp://www.icaew.com/moneylaundering

Supporting 350,000 members and other accountancy professionals worldwide.


Over 100 accountancy professionals andother stakeholders from Trinidad, Guyana,St.Vincent&theGrenadines,Antigua,Bar-bados,theBritishVirginIslandsandSt.KittscametogetherattheHiltonTrinidadConfer-enceCentre inPortofSpainonNovember30 to discuss the requirements of the newIFRSdesignedforSmallandMedium-sizedEntities(SMEs).

Hosted by Institute of Chartered Accoun-tants of the Caribbean (ICAC) and the In-stituteofCharteredAccountantsofTrinidadandTobago (ICATT), the forum facilitateddiscussionsoncriticalissuesrelatingtothenew standard issued by the InternationalAccounting Standards Board (IASB) inJuly2009.

In his opening remarks, ICAC President,HarryramParmesar,statedthatSMEswereestimatedtorepresentmorethan95percentofallenterprisesaccordingtodatafromtheOrganisation for Economic Co-operationand Development (OECD) and that herein the region, SMEs have been critical insupportingtheeconomicframeworkoftheCaribbean, contributingwell over 70%oftheGDPoftheregion.“WithinthiscontextthenewIFRSforSMEswillbeofsignificantbenefittobusinessesintheregionasmanyoftheburdensinclud-ing thecostof compliancewith full IFRShavebeen removed.The standard will also improve transparency and enhance theoverallconfidenceintheaccountsofSMEs,”headded.

HehighlightedanumberofinitiativesthattheICACincollab-orationwithmember instituteshadembarkedon tosupport thesmoothandeffective implementationof IFRS forSMEs in theregion.

The opening remarks was followed by a presentation entitled,IFRS for SMEs:A Practitioner’s Perspective,byHaseebMoham-med,Partner,PricewaterhouseCoopers.

David Raggay, IFRS Consultant, providedan in-depth presentation on the latest de-velopmentsinInternationalAccountingandAuditingStandardsandanoverviewof therequirements of the new IFRS for SMEs.ParticipantswerealsosensitizedtotheInter-nationalAuditRequirements forSMEsandthe InternationalFederationofAccountants(IFAC’s)) Support for SMPs and SMEs byPaulThompson, SeniorTechnicalManagerfor IFAC’s Small and Medium PracticesCommittee.ThiswasfollowedbyapresentationonSMEsandtheCapitalMarketbyWainIton,GeneralManager/CEO,Trini-dadandTobagoStockExchangeLtd.

Amajorhighlight of the forumwas an informative and stimu-

latingpaneldiscussionon thechallenges/issuesfacingSMEsintheregionandstrategiestoeffec-tivelyaddressthesechallengesaswellasoppor-tunities for growth and increased competitive-ness for SMEs in the region.This sessionwasmoderated byAngelaLeeLoy, immediatePastPresident, ICAC and ICATT Council Member.ThemembersofthepanelwereGriegLaughlin,President, Trinidad and Tobago ManufacturersAssociation, Christopher Ram,Managing Part-ner,Ram&McRae(CharteredAccountants)andStaceyAnn Golding, Partner, KPMG TrinidadandTobago.

Feedbackarisingfromthediscussionswerepre-sented in a summaryattheendoftheforumand will be useful inprovidingguidance inthe implementationofthenewstandards.

egionalForumonIFRSforSMEsR

ParticipantslistenkeenlytoPaulThompson,SeniorTechnicalManagerforIFAC’sSMPCommittee(above)asheoutlinesthesupportprovidedbyIFACforSMPsandSMEs.

ChristopherRam,CharteredAccountantandPastPresidentoftheInstituteofCharteredAccountantsofGuyana(ICAG)(atleft)makesapointtoHassebMohammed,Partner,PWC(centre)andDavidRaggay,IFRSConsultant(right)

GreigLaughlin,PresidentoftheT&TManufacturersAssociation(atpodium)outlinesthechallengesfacingsmallandmedium-sizedentitiesintheregionduringapaneldiscussion.SeatedfromlefttorightareAngelaLeeLoy,immediatePastPresident,ICAC;ChristopherRam,ManagingPartner,Ram&McRae(CharteredAccountants)andStacyAnnGolding,Partner,KPMGTrinidadandTobago

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HIGHLIGHTS


The18thWorldCongressofAccountants(WCOA)willbeheldjointlybytheMalaysiaInstituteofAccountants(MIA)andtheInternational Federation of Accountants (IFAC) at the KualaLumpurConventionCentrefromNovember8-11,2010.

The themeof theCongress is,“Accountants: Sustaining Value Creation”, and 39 topics have been identified, which will bepresentedbygloballyrenownedspeakersandcommentators.

Among the thought provoking issues tobedebatedduring thefour day Congress are value creation, the accountant’s roleand sustainable development, Islamic finance and the impactof the G20 initiatives. Other issues include SMPs as trustedbusinessadvisors,EnterpriseGovernance,globaldevelopmentsin corporate reporting, the sharing of experience of oversightboards,theessenceofauditquality,shapingthenextgenerationof accountants. Participants will also receive updates andinformation on the latest developments in financial reporting,XBRL, regulation and compliance, international convergenceandtheactivitiesofIFACanditsstandard-settingboards.

On-line congress registration will begin on 1st January 2010andanearlybirdregistrationfeewillbeofferedtopersonswhoregisterfrom1st January 2010 – 30th June 2010.

Thesummaryoftheregistrationfeeareasfollows:-

The accompanying person fee will be USD$500.00perpersonandthisisastandardrateapplicabletoallcategories.

The registration fee for delegates will cover:-• Attendanceatallsessions• CongressCredentials• OpeningCeremony• CulturalPerformance&WelcomeReception• 1Lunchand4CoffeeBreaks• ClosingCeremony• GalaDinner

The fee for accompany persons will cover:• OpeningCeremony• CulturalPerformance&WelcomeReception• Excursionprogrammes• ClosingCeremony• GalaDinner

Formoreinformation,visitwww.wcoa2010kualalumpur.com

Description CongressFees(USD$)Category DevelopedCountries* DevelopingCountries*

Early Bird(1stJan–30thJune2010)

USD$900 USD$800

Normal(1stJuly–7Nov2010)

USD$1,000 USD$900

On Site (8-11November2010)

USD$1,200 USD$1,000

TheICAC’s28thAnnualConferenceofAccountantswillbeheldin Nassau, Bahamas over the period June 24-26, 2010 underthe theme, Responding to change: Re-shaping the accounting profession in the Caribbean. TheconferenceisbeinghostedbyTheBahamasInstituteofCharteredAccountants(BICA).

Thewiderangeoftopicstobeexaminedatthe2010conferenceinclude:

• TheProfession’sResponsetotheG20Recommendations• DeepeningOurOutreach-ImprovingProfitabilityin

theCaribbeanRegion• SellingAuditandFinancialServicesintheCaribbean• Integrity,EthicsandDignity-TheConsummate

CaribbeanProfessional• ThelatestdevelopmentsinIFRS/ISAStandards

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FYI

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CAC 2010 CONFERENCE - Save the DateI

ORLD CONGRESS OF ACCOUNTANTS 2010 MOVES TO THE NEXT GEAR


ccountants and Climate Change

ByBrendaLeeTang,HeadofCorporateDevelopment,ACCACaribbean

Accountants are increasingly under pressure to understand climate change issues and their impact on businesses.

Two degrees centigrade.That’s the figuresome scientists believe stands in thewayof dangerous impacts of climate changeand planetary catastrophe. If we can

stabiliseour temperaturesandpreventa riseofmore than2°C,we can avoid the most dangerous impacts of climate change.If temperatures exceed thisfigure, climate changewill becomecritical.Tohavemorethana50%chanceoflimitingwarming to 2°C, carbon dioxide (CO2) emissionswillneedtodroptowellbelow50%of2000levelsby2050.

The latest United Nations Inter-governmentalPanelonClimateChange(IPCC)findingsprovideoverwhelmingevidencethattheclimateischangingand that theEarth iswarming.While there is stilllimited dispute about whether or not the changeis anthropogenic, governments and supranationalbodies such as the UN agree that significantevidencesuggests theclimate ischangingbecauseof human activity. Their policies are directed toencouragingbehaviouralchangeonthepartof thewidercommunity.

Mitigation costsThe Stern Review, commissioned by the UKgovernmentin2005andpreparedbyLordNicholasStern,providedthefirstrigorouseconomicanalysisof thecost to theglobaleconomyofactionversusinaction on climate change. The costs of climatechangewere estimated at the equivalent of 5%ofglobalGDPeveryyearforeternity.Ifawiderrangeofrisksandimpacts,forexample,environmentandhealth,wereaccountedfor,thiswouldrisetomorethan 20%. The impacts would not, however, beproportionaltowealth–thepoorwouldsuffermost.

There is a strong need to break the link betweengreenhousegasemissiongrowthandGDPgrowth.Todothis,Sternadvisedthatemissionsmustpeakin the next 10 to 20 years and fall by 1% to 3%annually thereafter. So, the emissions intensity ofGDPwould need to be about a quarter of today’slevel by 2050.The cost of doing this averages atabout1%ofGDPannually.

A low-carbon economyTo have any chance of reversing climate change,moving to a low-carbon economy is key.A low-carboneconomy–onethatreliesverylittleonfossilfuels and energy sources with high greenhousegas (GHG) emissions – will improve the planet’ssuccessrateoftacklingtheclimatepredicament.Itcanbedone.

MasdarCityinAbuDhabiisunderconstructionand

will be the world’s first zero-carbon, zero-waste city poweredentirelybyrenewableenergysources.Britainhassetthepacebysettingalegaltargetof80%reduction(against1990baseline)incarbonemissionsby2050.Norwayisplanningonbeingcarbonneutralby2050.

The current economic conditions have provided a significantopportunityforpoliticians toconsider the low-carboneconomyasaviablefuturewhendesigningtheirfiscalstimuluspackages.Agroupofleadingeconomists,includingLordStern,hassaidthatgovernmentsacrosstheworldneedtochannelsome$400billioninto low-carbon technologies. Slow but encouraging moveshavebeenmade, forexample, in theUS,PresidentObamahaspledgedsome14%ofhisfiscalstimuluspackageongreenenergymeasures:$100billionwillbeallocatedtoenergyefficiencyand

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FEATURE ARTICLEA


The Institute of Chartered Accountants of the Caribbean(ICAC)receivedtheACCA(AssociationofCharteredCertifiedAccountants) RecognitionAward for its support to theACCACaribbeanofficeaswellasitscontributiontotheadvancementoftheaccountancyprofessionintheregion.

TheawardwaspresentedatACCA’sgalaeventtocelebratethe10thAnniversaryofitsCaribbeanoffice,onNovember2,2009attheHyattRegencyHotel,PortofSpain.TheawardwasacceptedbyICACPresident,HarryramParmesar,whoalsodeliveredbriefremarksonbehalfofICACattheevent.

More than350 invitees attended thegala, among them, formerACCACaribbeanHeadofCorporateDevelopmentandCurrentMinisterofEducation,theHonourableEstherLeGendre,ICACPresident,HarryParmesar;PresidentoftheInstituteofCharteredAccountants of Barbados, Rueben Blenman; President of theInstitute of Chartered Accountants of Trinidad and Tobago,Anthony Pierre, ACCA Approved Employers, members and

regionalandlocaltuitionproviders.

Twenty-threeawardswerepresentedatthegalatohonourthosewhohavesupportedtheCaribbeanofficeandfortheircontributiontotheaccountancyprofession.Amongtheawardrecipientswere,AngelaLeeLoy,ManagingDirectorofAegisBusinessSolutionsLimitedandimmediatePastPresidentofICAC;RichardYoung,ManagingDirectorofScotiaBankTrinidadandTobagoLimited;Bernard Dulal-Whiteway, President and CEO of the Neal andMassyGroupandJanetRezende,ACCACaribbeanstaffmembersincetheestablishmentoftheoffice.

Otherpersonsandinstitutionsrecognizedatthegalawere:

Approved Learning Partners:• AccountancyTrainingCentreofGuyana• CaribbeanConsultingGroupofStKittsandNevis• InnovativeManagementandProfessionalTraining oftheCaymanIslands

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renewables’ programmes, including $20 billion in tax breaks,$30billionforinvestinginsmartgridtechnologiesand$10bntospendimprovingtheenergyefficiencyofpublicsectorbuildings.Afurther$16billionhasbeenpledgedforuseonmasstransitandhigh-speedraillinkprojects.

Accountants and climate changeIn the future, it will be the role of accountants to representcarbon-related actions in financial accounting terms in theannual reportingprocess.OnesuchconsortiumofbusinessandenvironmentalorganisationstryingtoachievethisistheClimateDisclosureStandardsBoard(CDSB).TheCDSBhasbeenformedfor ‘the purpose of jointly advocating a generally acceptedframework for corporations to report climate change risks andopportunities,carbonfootprints,andcarbonreductionstrategiesand their implications for shareholdervalue’.ACCAsits on itsadvisorypanelandaimstohavethefirstframeworkpublishedbylate-2009tocoincidewiththeCOP15Copenhagenconference.Inlessthanadecade,mostcountrieswillbeincludedintheroundofglobalcarbon-reportingregimescurrentlybeingdevelopedbyregulatorsandincreasinglydemandedbythefinancialmarkets.

There are a number of risks facing business associated withclimatechange,whichneedtobemanaged.Thetwokeyfactorsidentified by the CDSB are: regulatory risks – which arisefrom current or expected national or global government policyon climate change and may include emissions limits, energyefficiency standards, carbon taxation, product standards orregulationofGHGemissions.Andphysicalrisks–operatinginchangingphysicalenvironmentsduetoalteringweatherpatterns,sealevelrises,shiftsinspeciesdistribution,higherincidenceofdisease, changes in water availability, changes in temperature,andvariationinagriculturalyieldandgrowingseasons.

Other risks can include competitive risks (shift in demand forproducts),operationalrisks(changesinfuelprices),supplychainrisks(healthandlocationofsuppliers),andreputationalrisks(ifsocietyperceivesalackofaction).

The carbon jigsawIncreasingly, ACCA members will need to understand whatis happening globally in order to report emissions, monitorreductionsorincreases,andpurchaseorsellcarbonoffsetsunderemergingtradingregimes.Thisincludesanunderstandingofhow

thecarboncrisiswillaffectbusinesses,andwhetherornotthereareinvestmentopportunitiestoexploit.

ACCAhaslaunchedanewweb-basedinitiativetohelpmembersgettogripswiththeimpactofclimatechangeissuesonbusiness.

TheCarbon Jigsaw is aweb-based initiative to provideACCAmemberswiththetoolstoassessthesenewclimatechangerisksand opportunities. It aims to keepACCAmembers updated onthekeyissuesinthefieldofclimatechangeandthelow-carboneconomy. ACCA has worked with several well-establishedpartners in the relevantfield:BakerandMackenzie;Forumforthe Future; the Met Office; KPMG and Deloitte, to developcontentfortheCarbonJigsaw.TheCarbonJigsawwillcoverthefollowingtopics:

•TheScienceofClimateChange: anoverviewof thebasics–what is climate change?What are greenhouse gases?What iscausingclimatechange?Whataretheimpactsofclimatechange?

•TheSternReview:whatit isanditssignificance(thefindingsofbothLordStern’sreviews,TheSternReview(2005)andTheGlobalDealonClimateChange(2008),aresummarised)

• Carbon Law: different legislative frameworks and tradingregimes, including an overview of the international legalframeworkanddomesticpolicyframeworks

• TheWorld of Carbon Business: the market mechanisms andopportunitiesexplained,includingestablishingapriceforcarbon,carbonfootprintingandoffsetting

•Carbon inAccounting:whataccountantswillneed toknow–howtomeasure,accountforandreportcarbon,carbonassurance,taxationandfinancialaspectsofaccountingforcarbon

•TheLow-CarbonFuture:factorsaffectingthefuture–identifyingsevenfactorsimportanttohowglobalsocietyrespondstoclimatechange, five scenarios for 2030, implications (with four keyrecommendations).

Forfurtherinformationvisit,www.accaglobal.com/carbonjigsaw

I CAC Receives ACCA Recognition Award


By Lynda Carson, FCGA,Vice-president, Education andOperational Affairs,Certified General AccountantsAssociation of Canada (CGA-Canada)

Identifying new and emerging trendsinaccounting -and incorporating themintoadesignation’s requirements–hasbecomeamoreimportantjobthaneverbefore.Theglobalbusinessenvironmentis changing ever more rapidly and isincreasingly complex. That makes itevenmorechallenging forprofessionalaccountingorganizationstostaycurrent.At CGA-Canada we do so regularly

throughapracticeanalysis,asurveyofthousandsofourmembersandemployersthattellsuswhatis–andwhatwillbe–requiredofaccountantsinthemarketplace.Weenlisttheexpertiseofanationaltask force, ablue ribbonpanel andahighly respectedconsultantto reviewandvalidate the results.Oncewe’ve identifiedwhat isrequired,wegotoworkupdatingtheCGAcertificationprogram’scompetencies.

Competency-based education works in a world of constant changeThe International Federation ofAccountants defines competenceas “the ability to perform the tasks and roles of a professionalaccountant, whether newly qualified or experienced, to thestandardsexpectedbyemployersandthegeneralpublic.” CGA-Canadadefinesacompetencyas“aspecificbehaviourwherebyaprofessionalappliesknowledge,skills,and/orprofessionalvaluesinaworkenvironment;thebehaviourcanbedefined,demonstrated,observed,andassessed.”

Competency-based education is outcome-based. It emphasizeswhat a person is able to do after completing a training program

ratherthanfocusingontheprocessusedfortraining.CGA-Canadaadopted the approach in the 1980s and was among the world’sleadersinapplyingcompetency-basededucationtoaccountancy.Oneofthegreateststrengthsofcompetency-basededucationisthatitiswell-suitedtoaworldofconstantchange.Programrequirementscanbeupdatedrelativelyquicklyinresponsetotheshiftingwantsoftheworkplace.

Designations that regularly update their competencies are always thinking aheadWhyisthissocritical?Becausebusinessdependsonaccountantsformuchmorethanreliablefinancialinformation.Itexpectsthemtoprovide theanalysis, insight, ethical judgementand leadershipneeded to make important financial and business decisions. Byupdatingtheirrequirements,accountingassociationscanensurethattheirmembershavewhatittakestobehighlyvaluedprofessionals.TheCGACompetencyFramework(availableatwww.cga.org/canada) outlines 130 professional competencies– grouped under leadership, professionalism, and professionalknowledge–thatCGAcandidatesmustdemonstratetoqualifyforthedesignation.TheassociationusestheFrameworktodevelopandupgrade its education, examination, experience and professionaldevelopmentrequirements.Itisalsoatremendousresourcefor:• Employers and the public, so that they can better gauge the

valueofCGAsasfinancialprofessionalsandbusinessleaders;• Students, so that they can understand the knowledge, skills

andproficiencylevels that theymustdemonstrate tobecomeaCGA,andtohelpthemtoassesstheircareerdevelopment;

• Theacademiccommunity,soitcanhelptopreparestudentstoenterandsuccessfullycompletetheCGAprogram.

Accountancy bodies that regularly update their competencies arealways thinking ahead. It keeps them fresh and connected, andensuresthattheirmembersarebothrelevantandindemand.

TECHNICAL

• OmardeenSchoolofAccountancy• PrestigeAccountingInc.ofBarbados• ProfessionalSchoolofAccountancyLimited• SchoolofBusinessandComputerScience• SitalCollegeofTertiaryEducation• Students’AccountancyCentre

National Bodies and Joint Examination Scheme (JES) Partners:

• InstituteofCharteredAccountantsofBarbados• InstituteofCharteredAccountantsofBelize• InstituteofCharteredAccountantsofGuyana• InstituteofCharteredAccountantsofJamaica• Institute of Chartered Accountants of Trinidad and

Tobago• Aulous Madden, former ACCA Council Member

(Jamaica)andinauguralPresidentofICAC• Vishnu Maharaj, former ACCA Council Mamber

(Trinidad)• JohnBainofBermuda

HelenBrand,ChiefExecutiveofACCA,whoplayed a pivotalroleinthedrivetoestablishACCA’spresenceintheCaribbean,wasthefeaturedspeaker.

“WhenACCAopeneditsCaribbeanoffice,theglobaleconomiclandscapewasverydifferentfromthatoftoday.Butin2009,thefundamentalchallengeforaccountingprofessionalsremains thesame.Theaccountant’srole–whetherinpractice,inthecorporatesector or in the public and not-for-profit sector – is to providetheskillsandexpertiseorganisationsneedtothrive.And,inthecurrenteconomicenvironment,weareseeingafreshappreciationofthedistinctvaluefinanceprofessionalsbringtobusiness,”Ms.Brandstated.

“In the wake of the financial markets crisis, issues whichaccountantsaresupremelywell-placedtotacklehaverisentothetopofthebusinessagenda.Itisbeingwidelyacknowledgedthataccountants are in auniqueposition to aidbusinessbydrivingdown costs and identifying drivers of value and profitability.Accountantsarealsoinstrumentalinobtainingaccesstofinanceandstrengtheningthebalancesheet.Andtheprofessionaljudgmentofthe accountant, coupled withthedriveof theprofession toembedethicsacrossbusiness,is vital as businesses steertheirwaythroughchallengingconditions,”sheadded.ICAC President, Harryram Parmesar (left) receives the ACCA Recognition Award presented to ICAC from Helen Brand, ACCA Chief Executive (at right)

ICAC Receives ACCA Recognition Award cont’d

10 The Institute of Chartered Accountants of the Caribbean

ompetency-based Education: Ensuring Knowledge and PerformanceC


ERRITORIAL REPORTSNEWS

TheBahamasInstituteofCharteredAccountants

InstituteofCharteredAccountantsofBarbados

Annual General MeetingThe Bahamas Institute of CharteredAccountants (BICA) heldits18thAnnualGeneralMeetingonTuesday,July7,2009,attheBritish Colonial Hilton Hotel, Bay Street, Nassau. Elected toCouncilfortheperiod2009-2010are:

ReeceD.Chipman -PresidentLambertLongley -1stVicePresidentPedroDelaney -2ndVicePresidentStaciaG.Y.Major -TreasurerBasilIngraham -AssistantTreasurerPamelaMiller -SecretaryZelmaWilson -AssistantSecretaryK.PeterTurnquest -FreeportRepresentativeDanielH.Ferguson -PastPresidentRonaldKnowlesTaliaSweetingMyraLundy-MortimerJulianRolleDominicGomezSheldonCartwright

The implementation of the regional practice monitoringprogramme and the hosting of the ICAC Annual Conference

scheduledtobeheldinJune2010willbeamongtheareasoffocusforthenewadministration.Thenewly-electedCouncilwillalsoconcentrateonbuildingbettercommunicationamongmembers.

AninductionceremonyforthemembersofCouncilwasheldonTuesday,July14thattheBritishColonialHiltonHotel.Mr.BasilSandsandMr.RonaldAtkinson,twofoundingfathersofBICA,spokeattheevent.

Public ForumOnWednesday,September2nd,BICAheldanopen forumwiththeexecutivestaffoftheSecuritiesCommissionofTheBahamas.Discussions focused on the sections of the proposedSecuritiesIndustry Bill 2009 that will impact the accounting profession.BICA provided the Commission with a working paper arisingfromthediscussion.

Continuing Professional DevelopmentA seminar onValue-AddedTaxwas held jointly byBICAandACCAonOctober14th.ThepresenterwasMrs.EthlynNorton-Coke, Legal Counsel and Compliance Officer, University ofTechnology,Jamaica.

T

Practice MonitoringTheInstituteofCharteredAccountantsofBarbados(ICAB)hasbeenprovidingtechnicalsupporttoassistmembersinpreparingforpracticemonitoring.TheInstitutehostedatwo-dayworkshopinAugust atwhich auditmanagers andpartnerswereprovidedwithpracticalworkingsessionsonhowtoplan,executeandreportonanauditinordertomeetmodernstandardsandthecriteriafortheACCAauditpracticereviewprocess.TheworkshopfacilitatorwasMr.MichaelScott,aformerACCAReviewer.

The Institute also hosted a one-day seminar on InternationalAuditing Standards updates on September 18. The seminarbroughtauditorsup-to-dateonthenew,morestringent,rulesforconductingauditsaswellasgoodgovernanceandethicalissuesforauditfirms.

At the endofOctober 2009, ten auditmonitoring reportswerereceived from ACCA’s Senior Practice Reviewer as well asresponsesfromfirmsinthecaseswherereportsweresubmitted.Additional monitoring visits have been scheduled for theremainderoftheyear.

IFRS for SMEsICABwelcomed the releaseby the IASBof thenew IFRS forSMEsonJuly9,2009.TheInstituteissatisfiedthatthisstandardwhichwasdesignedtomeet thereportingneedsofentities thatdonothavepublicaccountabilityandentitiesthatpublishgeneralpurposefinancialstatementsforexternaluserswillbeofbenefittocompaniesinBarbados.Accordingly,ICABformallyadoptedthestandardonSeptember8.

OnNovember2,ICABhostedaCPDSeminaronIFRSforSMEs

withMr.PaulPacter,DirectorofStandardsforSMEsattheIASBas the main presenter. Mr. Pacter is the head of the technicalgroupwhich developed the standard and ICABwas pleased toprovidememberswiththeopportunitytointeractwithhimandtoclarifyanyissuesrelatingtotheimplementationofthestandard.TheInstitutealsoarrangedabreakfastbriefingsessionwhereMr.Pacter also spoke with representatives of financial institutions,regulatorsandentrepreneurs.

ICAB/ACCA CAT Joint SchemeInJuly,ICABandACCAsignedaJointSchemecontractfortheCertifiedAccountingTechnicianprogramme.

Improved Services to MembersThe first issue of ICAB’s electronic newsletter (ICAB eNews)waspublishedonAugust13,2009.ICABeNewsaimstoimprovecommunicationwithICABmembersandwillbepublishedeverytwomonths.

ICAB launched its new iMIS database at the beginningof October. The iMIS system is specifically designed forinformationmanagement inmember associations. It is usedby3,500organizationsworldwide.Thenewinformationtechnologyplatform allows members access to services online such asupdating their personal and professional records at ICAB,registeringforCPDSeminarsandpayingannualduesbycreditcard.ItwillalsoallowICABtomanageandmaintainaccurateandup-to-datememberrecords,andmonitorcomplianceofmemberswithCPDrequirements,amongotherthings.

Policy Advocacy During the period under review, ICAB joined with the Barbados

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InstituteofCharteredAccountantsoftheEasternCaribbean

ICAEC Council MeetingThe Antigua and Barbuda branch hosted the ICAEC CouncilmeetingonSeptember12th2009atwhichadecisionwastakentoadoptIFRSforSMEstogetherwithfullIFRS.CPDrequirementsof40hoursforallmemberswerealsoapprovedatthemeeting.ItwasalsoagreedthatAccountantsWeekwillbeimplementedinallICAECterritoriesin2010andthattheformatwouldbebasedontheAntiguamodel.

ICAEC- Antigua and Barbuda branchIn July 2009, the Antigua and Barbuda branchelected newmembers and chairperson for variouscommittees.Thesecommitteeshavebegunworkingonanactionplanfor2009/2010.

Antigua held its third annual Accountants’ Weekover the period September 27-October 3, underthe theme, Accountants – The gatekeepers of our economy and committed to keeping businesses on track in these turbulent times. Aspartof theweekofactivities,achurchservicewasheldonSunday,September 27 and media appearances to bringfocustotheInstituteandtheweekofactivitiestookplaceonMonday,September28th.Apresentationtothe 2009 scholarship winner was done during thetelevisionappearance.

The Institute joinedwithACCA to host a seminar

onForensicAccountingonTuesday,September29th,attheGrandRoyal Antiguan Resort. On Wednesday, September 30th andThursday, October 1st, members of the Institute visited varioussecondaryschoolsandinteractedwithfourthandfifthformstudentsconsideringaccountingasacareerchoice.

On Friday, October 2nd, members met after work at Millersby the Sea for cocktails and an evening of socializing. On thefollowingday,members joinedrepresentativesfromtheNationalDevelopmentFoundationand theCommunityFirstCreditUnion

toofferbusiness, taxplanningandotherfinancialadvicetosmallbusinessowners.

TheInstitutehostedaCPDseminaronIFRSforSMEsattheGrandRoyalAntiguanResortonOctober15,2009.PresenterwasDavidRaggayofIFRSConsultants.

ICAEC- St. Lucia branchOn October 27, ICAEC–St. Lucia branchorganizedaonedayCPDseminaronIFRSforitsmembers.ThefocusoftheseminarwastheupdatetoIFRSthatbecameeffectiveinJanuary2009,aswellasthenewIFRSforSMEsthatwasreleasedbytheIASBinJuly2009.TheseminarwasfacilitatedbyDavidRaggayofIFRSconsultants inTrinidadandTobagoandAndreaSt.RoseofAndreaSt.Rose&AssociatesinSt.Lucia.

TheInstitutehostedaspecialmeetingofitsCouncilandmembershipwith thePresidentof the InstituteofCharteredAccountantsof theCaribbean(ICAC),HarryramParmesar,onOctober8attheBiltmorePlazaHotel,BelizeCity,todiscussvariousissuesincludingplansfor

theimplementationoftheregionalpracticemonitoringprogrammeinBelize.Councilhascommenceddiscussionsonplanstoimplementthepracticemonitoringscheme.

InstituteofCharteredAccountantsofBelize

Association of Professional Engineers and the Barbados InstituteofArchitectsthroughtheBarbadosCoalitionforServiceIndustriesand the Private SectorTradeTeam tomake an input on behalf oftheaccountingprofessiononMutualRecognitionAgreementswithProfessionalAssociationsinEuropeundertheEPA.

ICAB also made submissions to the Government on proposedchanges to theMutual FundsAct. In addition, ICAB is presentlydeveloping policy proposals (to be submitted to Government) foraLimitedLiabilityPartnershipAct toprovidea legal structure forfirmstopracticeaccountingwhilstlimitingtheliabilityofthefirmsand partners.Models from other jurisdictions are being examinedandotherprofessionsaffectedbyliabilityissueshavebeeninvitedtoparticipateintheprocess.

TheInstitutealsometwiththeInlandRevenueDepartmentandtheCustoms&ExciseDepartmenttodiscussissuesofcommonconcern.

Continuing Professional DevelopmentThe following CPD activities were held by the Institute over theperiodJuly1-October31,2009:

• A joint ICAB/BIBACorporate Governance and Compliance seminarwasheldonJuly9thattheHiltonHotel.ThepresenterwasMr.PeterThurton,aCanadian,financialservicesregulatoryandcompliancelawyer.TheGovernoroftheCentralBank,Dr.MarionWilliams,wastheluncheonspeaker.

• A seminar entitled,Tools & Techniques in Fraud Prevention, Detection, and Investigation, washeldonJuly28attheLloyd

ErskineSandifordCentre.

• OnAugust17&18,aworkshopentitled,Preparing for Practice Monitoring, was held at the Accra Hotel. The workshopfacilitator was Mr. Michael Scott, a former ACCA PracticeReviewer.

• OnAugust 28, theHiltonHotelwas the venue for a seminarentitled, An Update on International Financial Services in Barbados in a Changing Environment. The Hon. GeorgeHutson, Minister of International Transport and InternationalBusinessopenedtheseminar.

• A joint ICAB/ACCA seminar on International FinancialReportingStandards (IFRS) washeldonSeptember14at theLloydErskineSandifordCentre.ThepresenterwasMr.NaginLadBA,MSc,MAAT,FCCA.Onthefollowingday,Mr.NaginLad was also the presenter at the seminar on InternationalAuditingStandards.

• OnOctober21st, a joint ICAB/CGAseminarwasheldon thetopic, Estimating Revenues and Expenditures at the HiltonHotel.

• On October 28th, the Lloyd Erskine Sandiford Centre wasthe venue for a Tax Matters seminar. The presenters wereGlen Laderceur of KPMG, Francoise Hendy – Director ofInternational Business, Anthony Gittens – VAT Division,AndersonPadmore–InlandRevenueDepartment,andSabinaWalcott-Denny–CommissionerofInlandRevenue.

Second Year UWI Accountingstudent and winner of the ICAEC-Antigua and Barbuda scholarshipaward, Mario Blackman, receivinghis cheque from the Institute’sChairman,ErwinSouthwell.

12


InstituteofCharteredAccountantsofJamaica

Annual General MeetingTheInstitutehelditsAnnualGeneralMeetingonWednesday,July29, at the Knutsford Court Hotel at whichArchibald CampbellwaselectedPresidentandVintoriaBernardelectedVice-President.Prunella Vassell, immediate PastPresident,remainsamemberofCouncil.OthermembersofCouncilare:

• PatrickChin–Treasurer• EthlynNorton-Coke–HonorarySecretary• LinroyMarshall• BruceScott• DennisBrown• DennisChung• AudleyGordon• Ann-MarieRhoden• MartinGooden• L.GarthKiddoe

The Institute’s new-look website waslaunchedattheAGM.Thiswebsitewasdeveloped as a part of the ICAJ/IDBproject,which ended in 2008.Thewebsite features e-commercecapabilities,astudentsocialnetwork,relevantnewsandinformationaswellasachatroom.

ICAJ/ACCA Joint Rap Session TheInstitutehostedarapsessionforstudentsincollaborationwithACCAonSaturday,July11attheWexfordHotelinMontegoBay.Theeventwaswellsupportedbymorethan90registeredstudentsoftheCATandACCAprofessionalprogramme.

Certified Accounting Technician Graduation CeremonyOn August 29, ICAJ and ACCA hosted the 2009 CertifiedAccountingTechnician(CAT)GraduationCeremonyattheJamaicaPegasusHotelinhonourof86studentswhoweresuccessfulintheJuneandDecember2008sittingsoftheexamination.

PaulaMarcelle-Irish,ACCACaribbean’sManagerforthenorthernregion, who gave the opening address, praised the graduatesand urged them to undertake the ICAJ/ACCA Joint Professional

Programme. The keynote speaker, Reverend Dr. StevensonSamuels, challenged the graduates tomaintain high standards intheirfutureundertakings.

ICAJ/ACCA Joint Graduation CeremonyThe Institute jointly hosted a secondgraduation ceremony with ACCA onSaturday, October 31 to honour 114graduatesattheHiltonKingstonHotel.

Graduates Tamicka Doctor and TomecaCampbellreceivedtheJasperBurnettAwardand the Sushil Jain Award, respectively.Student Beth Ann Jacobs received theinauguralJoslynLowrieAward.

Visiting ACCA Chief Executive, HelenBrand, was the keynote speaker whileBrenda Lee Tang, ACCA Caribbean’sHeadofCorporateDevelopmentdeliveredgreetings.Also representingACCA at thefunction was Paula Marcelle-Irish,ACCA

Manager–northernCaribbean.

Continuing Professional Development SeminarsTo help Accountants answer some of the challenges presentedby theexistingglobaleconomicclimateaCPD seminarentitled, Risk Management in Turbulent Times,washeldonJuly25.LeonAnderson,SeniorDirectorof Insuranceat theFinancialServicesCommission (FSC) delivered the keynote address on behalf ofRohanBarnett,ExecutiveDirectoroftheFSC.

TheteamofpresenterscomprisedSushilJain,FinancialAnalyst;NigelChambers,KPMGPartnerandDamionBrown,MarketRiskManager,JMMB.Thetopicscoveredwere,Managing Risk Under Volatile Market Conditions;Managing Business and Operational Risk andRisks in the Financial Services Industry.

A joint ICAJ/ACCA CPD seminar entitled, Corporate Social Responsibility & Key IFRS Changes,washeldonOctober31atthe Jamaica Conference Centre. Brigette Levy, CSR Consultant

Graduates of the June and December 2008 diets of theCATprogramme are joined byArchibaldCampbell, ICAJPresident(standingleft);MartinGooden,Chairman,ICAJ’sStudent Affairs Committee (standing right) and PaulaMarcelle-Irish, ACCA’s Manager, northern Caribbean(standingright)

Continuing Professional DevelopmentInAugust 2009, the InstituteofCharteredAccountantsofGuyanahosted a seminar on the IASB’s IFRS ImprovementsProject. Pre-senterswereKhalilAlli,PresidentofICAGandPartner,JackA.Alli,Sons&Co.andRakeshLatchana,PartnerofRamandMcRae(Char-teredAccountants).Memberswere informed about recent amend-mentstoIFRSasissuedinthetworecentImprovementsStandards.

In September 2009, ICAG held a seminar on the IFRS for SmallandMedium-sizedEntities issued by the IASB in July 2009.ThepresenterswereVishwamintRamnarine, Partner, BarcelloasNara-ineandCo.andRameshPersaud,FinancialController, InstituteofPrivateEnterpriseDevelopment.Thesessionwaswell-attendedandconcludedwith a general recommendation from the audience thatICAGshouldadoptthenewstandard.TheCouncil’sTechnicalSub-

committeehasinitiatedstepstowardsadoption.Apresentation byPaulGeer,Head of theFinancial InvestigationsUnitofGuyanaon the recently legislatedAntiMoneyLaunderingand Countering the Financing of TerrorismAct was organised byICAGinNovember.Thepresentationwaswell-attendedbyICAGmembers,bankersandother representatives fromthefinancialser-vicessector.

Joint Graduation CeremonyInSeptember,ICAGinpartnershipwiththeACCAhostedagradu-ationceremonyforgraduatesoftheCATandACCAexaminations.ThefeatureaddresswasdeliveredbyChandradatChintamani,Presi-dentoftheGeorgetownChamberofCommerce.GraduateswerealsoaddressedbyICACPresident,HarryramParmesarandBrendaLeeTang,HeadofCorporateDevelopment,ACCA.

InstituteofCharteredAccountantsofGuyana

Duringtheseminar,memberswereupdatedonplansforapracticemonitoringworkshoptobefacilitatedbyShaAliKhan,Director,PracticeMonitoringStandardsatACCAonNovember16,2009.

TheseminarwaswellattendedbymembersfromSt.LuciaaswellparticipantsfromtheneighboringislandsofSt.VincentandAntigua.Thisseminarbringstothree,thenumberofCPDeventsorganizedbytheInstitutesincethestartoftheyear.

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Third Annual CReCER Conference Addresses Crisis, SMEs and Public Sector ReportingThe3rdAnnualCReCERConferencetookplaceonSeptember23-25 inSãoPaulo,Brazil.Theevent,hostedby IFAC, theWorldBank, and the Inter-American Development Bank, along withthe support of the six largest global accounting networks, wasattendedbyover1,000individuals.Theconferenceisdesignedtoincreaseawarenessof thecriticalimportance of sound financial reporting and auditing for thedevelopment of a well-functioning market economy and of anefficientpublicsector.Thisyear,theconferenceprovidedspecificperspectivesontheglobalfinancialcrisis.Speaking at the conference, IFAC President Robert Buntingadvocated a leadership role for the accounting profession inhelpingtoleadtheworldoutofthefinancialcrisis.Heemphasizedtheimportanceofsupportingsmall-andmedium-sizedbusinessesandtheaccountancyfirmsthatserve theminrecoveryfromtherecession.Inaddition,hecalledforgovernmentstoadheretothesamehighstandardsoffinancialreportingastheirprivatesectorcounterparts.Formore on the conference, please visit theCReCERwebsite:

www.creceramericas.org/home.

IFAC/The Banker Survey Examines SME Lending, Critical Role of AccountantsIFACandThe Bankermagazine,partoftheFinancial Timesgroup,havereleasedtheresultsofaglobalsurveyofbanksonlendingtosmall-andmedium-sizedentities(SMEs).TheresultsshowedthatsomeSMEsmayhaveaccesstomorecreditdowntheroad,but will have to pass more rigorous tests to demonstrate theircreditworthiness.

Theresultsofthesurvey,whichreceivedresponsesfromover500bankersoverasix-weekperiod,alsoconfirmedthataccountantsplay a critical role in providing information that influenceslenderdecisionmaking.BankersexpectSMEs toprovidemorecomprehensive information in their loan applications. Surveyrespondents said that they will increasingly look at cash-flowinformation,collateral,andcustomerhistorywiththebankwhenconsidering loan applications. Financial statements, key riskindicators, and industry trends are also among the key sets ofinformationbanksfocusuponwhenmakingloandecisions.

The survey results, including three articles by IFAC leadershipthathighlightIFAC’ssupportforSMEsandIFAC’sbeliefinthe

LOBAL ACCOUNTANCY UPDATEGLOBAL NEWSG

Increased MembershipICATT is pleased to report that itsmembershipbasehassurpassedthe900mark.

IFRS for SMEs ForumDuring the period under review,planningforthe one–dayforumonIFRSforSMEsscheduledforNovember30th2009at theHiltonTrinidadConferenceCentre was completed in collaborationwiththeICAC.Bothlocalandregionalparticipantsareexpectedtoattend.

Accountants’ Week 2009ICATT celebrated Accountants’ Week2009 from October 19th to 23rd under the theme, Economic Recovery: A New Paradigm in Leadership.

The week opened with the traditional breakfast meeting thatfeaturedapaneldiscussionontheweek’sthemeledbySenator,theHonourableMarianoBrowne,who spoke ofGovernment’seffortstodraftlegislationthatwouldaidinstimulatingthelocaleconomy. Mr.CarlHiralal,InspectorofFinancialInstitutions,Central Bank of Trinidad and Tobago; Ms. Angella Persad,President, Trinidad and Tobago Chamber of Industry andCommerce;Mr.SteveBideshi,ManagingDirector/GroupCEO,CLFinancialLimitedandMr.ColinSooPingChow,Chairman,Ernst&YoungCaribbeanalsoprovidedperspectivesonvaryingaspectoftheindustry.

This year the Institute hosted 12 events during the week, the

largest ever.This included amotivational event for accountingstudents, where they were informed about the requirementsto succeed in the profession aswell as tips on personal imageas part of the Institute’s thrust to strengthen its support andservices tostudents.Theweekalso featuredpresentations fromtwointernationalspeakers,softskillsseminarsontopicssuchasExecutive Coaching,Managing Talent and Change LeadershipandtechnicalworkshopsonTaxationandIFRS.

Accountants’Week2009endedwithanew-memberrecognitionceremony and networking event at Angostura House in Portof Spain with a special presentation by Paul Keens-Douglas,motivationalspeakerandentertainer.

ParticipantsenjoyanentertainmentpieceattheMembers’CocktailreceptionmarkingthecloseofAccountants’Week2009

InstituteofCharteredAccountantsofTrinidadandTobago

presented on the topic, Corporate Social Responsibility whileWinston Robinson, Partner, Deloitte, presented on IAS 1:Presentation of Financial Statements. Emru Williams, SeniorManager at PricewaterhouseCoopers presented on IFRIC 13

CustomerLoyaltyProgrammes;andRaviRambarran,President&ChiefExecutiveOfficerofSagicorInternationalpresentedonFairValueMeasurement.

14


importanceofSMEsincontributingtoglobaleconomicrecoveryandgrowth, areprintedasa special supplement in theOctoberissueofThe Banker.ThearticlesandsurveyresultscanalsobeaccessedfromtheIFACwebsite:www.ifac.org/financial-crisis/smp-sme-resources.php.

Train the Trainer Initiative for IFRS for SMEsTosupporttheimplementationoftheIFRSforSMEsissuedonJuly9bytheInternationalAccountingStandardsBoard(IASB),the IASC Foundation (IASCF) is developing comprehensivetraining material. The training material will be published ina number of languages.TheEnglish languagematerialwill bedownloadablefreeofchargefromtheirwebsiteinlate2009.

TheFoundationisalsoworkingwithinternationaldevelopmentagencies toprovide instructors for regionalworkshops to ‘trainthetrainers’intheuseofthetrainingmaterial,particularlywithindevelopingandemergingeconomies.Formoreinformationvisithttp://www.iasb.org/Education/Education.htm

IAASB Releases New Tools to Support Clarity ISA Adoption and ImplementationTo promote awareness and understanding of the clarifiedInternational Standards on Auditing (ISAs), which werecompleted in March 2009, the International Auditing andAssurance Standards Board (IAASB) has released a series ofmodulestosupportadoptionandimplementationefforts.

Each“ISAModule”consistsofabriefvideopresentation,asetofslides,andsupportingnotesthatexplainthekeyprinciplesof,andmajorchangesin,individualISAs.Thesupportmodulesincludethe implicationsforauditsofsmall-andmedium-sizedentities.TheISAModulesareavailabletodownloadfreeofchargefromtheIAASBClarityCenterontheIFACwebsite:http://web.ifac.org/clarity-center/support-and-guidance.

Adoption and Implementation Materials for Revised Ethics Code Now AvailableThe International Ethics Standards Board for Accountants(IESBA) encourages member bodies and firms to developplans for implementing the recently revisedCode of Ethics for Professional Accountants (the Code). The revisions includestrengthening theCode’s independence requirements and usingtheword“shall”asadraftingconventiontoclarifyrequirements.TherevisedCodewilltakeeffectJanuary1,2011.The IESBA has developed the following resources to supportadoptionandimplementation:

• Slide Presentations:Highlevelandin-depththatcanbeusedtoexplainthecontentoftheCode

• Overview of Independence Requirements: A shortdocument providing an overview of the independencerequirements contained in Section 290 of the Coderelating to rotation, cooling off period, provision ofnon-assurance services, fees, and compensation andevaluationpolicies

• Comparisons:AhighlevelandmoredetailedcomparisonthatwillhelppeopleunderstandthedifferencesbetweentheJuly2009CodeandthepreviousCode

• Template: A comparison template containing thecompletetextoftheCode,whichcanassistindividualswho want to understand how the provisions in theirjurisdictionmatchuptotheCode

Toaccessthesematerials,aswellas therevisedCode,visit theResourcessectionoftheEthicshomepage:www.ifac.org/Ethics.

PAIB Launches Projects on Governance, Risk, and International ControlThe Professional Accountants in Business (PAIB) Committeehas launched two projects directed at improving guidancein the areas of governance, risk, and internal control.The first initiative will involve developing a reconciliation ofthe PAIB Committee’s International Good Practice Guidance(IGPG) principles with the OECD Principles of Corporate Governance. This project follows IFAC’s recent publicationof the IGPG, Evaluating and Improving Governance in Organizations, and IFAC’s July submission to the G-20,which identifies corporate governance as a priority for reform.IFAC’sIGPGongovernancecomplementstheOrganizationforEconomic Co-operation and Development (OECD) principlesas its main purpose is to support PAIBs and to help theirorganizations evaluate and further improve their governancestructures and systems. The IFAC principles help restore thebalancebetweencomplianceandperformance inorganizations.ThePAIBCommittee is alsodeveloping the IGPG,Evaluating and Improving Internal Control in Organizations.Thegoalwillbetoprovidepracticalguidancethatwillfocusoncommonpitfallsin theway current internal control systems are being deployedandwhatshouldbedonetoavoidthesepitfalls.

IASB publishes proposals on the impairment of financial assetsThe International Accounting Standards Board (IASB) haspublishedforpubliccommentanexposuredraftontheamortisedcostmeasurementandimpairmentoffinancial instruments.Theproposalsformthesecondpartofathree-partprojecttoreplaceIAS 39 Financial Instruments: Recognition and Measurementwith a new standard, to be known as IFRS 9 Financial Instruments.ProposalsontheclassificationandmeasurementoffinancialinstrumentswerepublishedinJuly,withafinalstandardexpectedshortly,whileproposalsonhedgeaccountingcontinuetobedeveloped.

Both International Financial Reporting Standards (IFRSs)and US generally accepted accounting principles (GAAP)currently use an incurred loss model for the impairment offinancial assets.An incurred lossmodel assumes that all loanswill be repaid until evidence to the contrary (known as a lossortriggerevent)isidentified.Onlyatthatpointistheimpairedloan (or portfolio of loans) written down to a lower value.Theglobalfinancialcrisishasledtocriticismoftheincurredlossmodelforpresentinganinitial,over-optimisticassessmentofnocredit losses,only tobe followedbya largeadjustmentonceatriggereventoccurs.

Responding to requests by theG20 leaders andothers, in June2009 the IASB published a Request for Information on thepracticalitiesofmovingtoanexpectedlossmodel.Theresponseshave been taken into account by the IASB in developing theexposuredraft.

The proposals in the exposure draft Financial Instruments: Amortised Cost and Impairmentareopenforcommentuntil30June2010.Afterconsideringcommentsreceivedontheexposuredraft,theIASBplanstoissueanIFRSin2010thatwouldbecomemandatoryaboutthreeyearslaterwithearlyapplicationpermitted.The exposure draft is available on the ‘Open for Comment’ sectionontheIASBwebsite.

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