IMPLEMENTATION OF INTERNATIONAL ACCOUNTING STANDARDS (IAS) ON TARGET

The Institute of Chartered Accountants of Jamaica (ICAJ) is pressing ahead with the implementation of International Accounting Standards (IAS). IAS was adopted on July 1, 2002 concurrently with International Standards on Auditing (ISA) as Jamaica's national accounting and auditing standards.

Companies will, therefore, be expected to prepare their financial statements for reporting purposes in accordance with IAS for financial periods beginning on or after July 1, 2002.

The Institute, however, recognises that some listed companies that had not advanced their conversion to IAS may experience difficulty in meeting their reporting deadlines for interim financial reports. Accordingly, the ICAJ Council has agreed that those companies, electing so to do, may continue to apply the local interim Financial Reporting Standard (Statement of Standard Accounting Practice C-3: 34) until 30 June 2003. However, interim financial reports issued after June 30, 2003 must be IAS compliant.

Council had previously made this concession applicable only for listed companies with year-ends June 30 and September 30 up to February 15, 2003.

The Institute is firmly committed to assisting its members and other stakeholders during this period of transition to IAS. Workshops intended to benefit ICAJ members and other stakeholders will also be held.

Watch for more in our next newsletter!



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