MINISTER OF FINANCE SUPPORTS PROMPT IMPLEMENTATION OF IAS

Minister of Finance, the Honourable Omar Davies, has supported the Institute's decision to proceed with the implementation of International Accounting Standards (IAS), now International Financial Reporting Standards (IFRS).

Speaking at the official opening of the 21st Caribbean Conference of Accountants, hosted by the ICAJ in partnership with the International Accounting Standards Committee (IASC) Foundation, at the Ritz Carlton Golf and Spa Resort on June 27, Minister Davies stated that while some financial institutions were seeking postponement of full adoption, delaying the implementation of the standards would do more harm than good.

"While we are not opposed to hearing any persuasive argument for a delay in implementation, at this time, we believe that delaying the implementation of IAS would do much more harm than good," Minister Davies said.

This, he noted, was based on the fact that the Institute has publicly adopted the standards and the International Accounting Standards Committee (IASC) has already included Jamaica on a list of countries that have adopted IAS.

"The fact that we have adopted IAS has also provided an international lending agency with the basis for providing funding support towards upgrading the regulatory framework of the accounting profession," he added.

The technical project funded in part by the Inter-American Development Bank (IDB) is aimed at strengthening the Institute's regulatory and enforcement framework. The components of the project include the strengthening of the capacity of the ICAJ to facilitate the continued implementation and application of IAS as well as International Standards on Auditing (ISA).

IAS was adopted concurrently with International Auditing Standards (ISA), effective July 1, 2002, as Jamaica's national accounting and auditing standards. Companies are, therefore, expected to prepare their financial statements for reporting purposes in accordance with IAS for financial periods beginning on or after July 1, 2002.

The implementation of IAS locally is important for the promotion of transparency and confidence in a country's financial reporting systems, especially to foreign investors. It is also an important platform for Jamaica's participation in the world financial markets and for attracting a greater share of Foreign Direct Investment.

The Caribbean Conference of Accountants, which was held under the theme "Winds of Change: Accountability in the 21st Century," was attended by over 370 delegates from the Caribbean, UK, USA, Canada, Australia. The conference provided a forum for accounting professionals to examine regulatory issues and other matters affecting the profession globally.



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