Modernizing accounting methods in the Caribbean: Adopting IPSAS and new methods

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Modernizing accounting methods in the Caribbean

A recent survey conducted by the International Federation of Accountants (IFAC) reported the changes in accounting methods and financial reporting in countries of the Caribbean. Fifteen countries participated in the survey and reported the following changes in their processes. All countries surveyed except the British Virgin Islands plan on conducting an accounting and reporting reform within the next year.
Modernizing accounting methods in the Caribbean Adopting ipsas and new methods.JPG

The countries that participated in the survey are as follows:

  • Anguilla
  • Antigua
  • Barbuda
  • Aruba
  • Bahamas
  • Barbados
  • Belize
  • British Virgin Islands
  • Cayman Islands
  • Guyana
  • Jamaica
  • Montserrat
  • St. Lucia
  • St. Vincent and the Grenadines
  • Trinidad & Tobago
  • Turks and Caicos Islands

These bar charts represent the changes in accounting made by the countries that were surveyed.

Modernizing accounting methods in the Caribbean1

These bar charts represent the changes in financial reporting standards made by the countries that were surveyed.

Modernizing accounting methods in the Caribbean2

These changes will be ongoing, but they will definitely have a positive influence on these countries. The study proves that Caribbean countries recognize the importance of a modern and transparent form of reporting and accounting, which will benefit their businesses greatly. Through IFAC’s initiative “Accountability. Now.” Countries will receive support and assistance throughout their transition into accrual based accounting and N-IPSAS or IPSAS reporting compliance standards.

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Modernización en el Caribe: Adopción de IPSAS y métodos de contabilidad

Una encuesta reciente realizada por la Federación Internacional de Contadores (IFAC) informó sobre los cambios en los métodos de contaduría y los informes financieros en países del Caribe. Quince paises participaron en la encuesta y comunicaron los siguientes cambios en sus procesos. Todos los países encuestados, con la excepción de las Islas Vírgenes Británicas, planean llevar a cabo una reforma de contaduría y de normas de informes financieros.

Los países que participaron en la encuesta son los siguientes:

  • Anguila
  • Antigua
  • Barbuda
  • Aruba
  • Bahamas
  • Barbados 
  • Belice
  • Islas Vírgenes Británicas 
  • Islas Caimán
  • Guyana
  • Jamaica
  • Montserrat
  • Santa Lucía
  • San Vicente y las Granadinas
  • Trinidad y Tobago
  • Islas Turcas y Caicos

These bar charts represent the changes in accounting made by the countries that were surveyed.

Modernizing accounting methods in the Caribbean1

These bar charts represent the changes in financial reporting standards made by the countries that were surveyed.

Modernizing accounting methods in the Caribbean2

Estos cambios serán graduales, pero definitivamente tendrán una influencia positiva en la contaduría de estos países. El estudio demuestra que los países del Caribe reconocen la importancia de una forma moderna y transparente de informes financieros y contabilidad, ya que les beneficiará a sus negocios. A través de la iniciativa de la IFAC “Accountability. Now.” Los países recibirán apoyo y asistencia durante todo el proceso de su transición hacia un método de contabilidad para ingresos y gastos, y los requisitos del N-IPSAS o IPSAS.