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ICAJ/IDB Technical Project Update
The ICAJ/IDB
Project hosted a discussion session with
ICAJ Council members and Committee
Chairmen, as well as PAB members on
September 11, 2007 to consider the nature
and type of regulatory framework suitable
for the accountancy profession in Jamaica.
On September 13, a focus group session was
conducted to present the proposed
regulatory framework to regulators and
stakeholders for their review and comment.
Facilitators of the two sessions were ACCA
consultants, who have been selected to
carry out this component of the project
that involves an evaluation of the
existing regulatory framework for the
accountancy profession in Jamaica with a
view to making recommendations for
building Jamaicas compliance and
enforcement capabilities in financial
reporting and auditing.
The ACCA
Consultants also conducted one-on-one
interviews with selected stakeholders
during September 10-14 with a view to
obtaining feedback and comments on the
regulatory framework. The ACCA team
carried out further meetings during
October in fulfilment of this component of
the project.
The Project
also hosted 2 two-day workshops on
International Standards on Auditing on
August 17 & 18 and August 24 & 25. The
workshops were conducted by ACCA
Consultant, Graham Fairclough.
A seminar
on IFRS: Assessment & Application was held
on October 19-20 at the Jamaica Conference
Centre. The general areas covered were:
- Overview
of the Framework
- IFRS 4
Insurance Contracts
- IFRS 7
Financial Instruments: Disclosures
- IFRS 8
Operating Segments
- IAS 1 -
Presentation of Financial Statements
- IAS 8
Accounting Policies
- IAS 16
Property, Plant and Equipment
- IAS 18
Revenue
- IAS 32
Financial Instruments: Presentation
- IAS 37
Provisions
- IAS 39
Financial Instruments: Recognition &
Measurement
Other
ICAJ/IDB Project Activities carried out
during October:
- Training
of select persons to administer an IFAC
compliant investigations and
disciplinary scheme
- Meeting
with regulators to develop a mechanism
for coordinating responsibilities among
them
- Meeting
to consider the possibility of setting
up a regional monitoring unit
- Carry
out an ISQC1 review of one firm to
demonstrate its application and how the
review should be carried out
- Training
of select persons to carry out IFRS
compliance reviews
For queries
on the project activities please contact
Bevelyn Brodber, Technical Project Manager
at (876) 929-9417 or
tpm@icaj.org
copied to
research@cwjamaica.com
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