Accrual Practices and Reform Expectations in the Caribbean

Organized by the Institute of Chartered Accountants of the Caribbean (ICAC), IFAC, and the World Bank, a 2016 conference brought together representatives of Caribbean governments and the accountancy profession to discuss enhancements to public financial accounting and reporting, and to consider how to enhance collaboration between governments and the accountancy profession to improve public financial accounting and reporting in the region.

Conference participants completed a survey on the status of IPSAS adoption in their country, the findings of which are reported here. 

Key findings, include:

• Anguilla and the Cayman Islands are the only Caribbean countries that have fully implemented IPSAS to date;
• Most others have begun the IPSAS implementation process and are in various stages of adoption;
• Many of these countries are facing challenges with full IPSAS implementation. 

IFAC, through its Accountability. Now. initiative, together with ICAC and the various national professional accountancy organizations, aim to continue to support all countries with the transition to IPSAS.