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Financial News

Aug 2005 Financial News

Boost for $$ reporting

Aug 22, 2005

FINANCIAL reporting in the Caribbean has adopted the use of International Financial Reporting Standards (IFRS). However, the application of these standards are difficult for emerging/developing countries and even more difficult to cover small and medium enterprises (SMEs).

The solution-address the financial reporting needs of SMEs so that internationally recognised standards can apply, while in the process protecting investors and ensuring the reliability, transparency and comparability of SMEs.

To do this, the Institute of Chartered Accountants of Trinidad and Tobago (ICATT), Pierre, Raggay and Company and other islands across the region have been in consultations, with a view to submitting findings to the International Accounting Standards Board.

According to David Raggay, (partner in the accounting firm, Pierre, Raggay and Company): "Most of the accounting standards are comprised of four major components-recognition, measurement, presentation and disclosure and some of the standards are more oriented towards disclosure than others."

By having the symposium yesterday at the Crowne Plaza, accountants across Trinidad and Tobago got the opportunity to have working sessions, highlighting some problems and suggesting solutions so that submissions could be made to the IASB.

Trinidad Express, August 19, 2005