|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||IFRS Standards are required for listed companies and financial institutions.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||IFRS Standards required unless the regulator has specifically given permission to use another accounting framework.|
|The IFRS for SMEs Standard is required or permitted||Permitted.|
|The IFRS for SMEs Standard is under consideration|
Eastern Caribbean Securities Regulatory Commission (ECSRC)
Eastern Caribbean Central Bank (ECCB)
Institute of Chartered Accountants of the Eastern Caribbean (ICAEC)
Role of the organisation
The Organisation of Eastern Caribbean States (OECS) is a nine member grouping comprising Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, St. Lucia and St Vincent and the Grenadines. Anguilla and the British Virgin Islands are associate members of the OECS. The ECSRC is the securities regulator of eight of those nine Caribbean countries (excluding the British Virgin Islands). The ECSRC operates under the Securities Act 2001, which was enacted into law by the legislature or other law‐making body of those eight countries. The ECSRC has statutory authority to adopt accounting standards for all public issuers of securities in those countries.
The ECCB is the central bank of eight Caribbean countries: Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia, and St Vincent and the Grenadines. Because of its objective to promote a sound financial structure conducive to the balanced growth and development of the economies of the eight countries, the ECCB has actively promoted the adoption of IFRS in those jurisdictions. For banks, the ECCB has issued Corporate Governance Principles that require that financial information should ‘meet international standards’.
The ECCB, as part of its thrust towards institutional development, was the driving force behind the establishment of the ICAEC. In addition, the World Bank was encouraged to complete an assessment of standards and codes for accounting and auditing in the OECS in an attempt to highlight the gaps in this area. Following the assessment, the ECCB served as implementing agent to two World Bank grants to bridge the gaps that were identified. The grants came to an end in September 2013. The main achievements were (a) the development of a business plan, operations manual, and bylaws for the institute and (b) the training of accounting professionals to provide future training for the continuing development of accountants in the OECS.
The ICAEC was launched in 2004 after the agreement was ratified by several parliaments in the Eastern Caribbean, including Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia and Antigua‐Barbuda. The ICAEC agreement has not yet been passed into law in Anguilla. The ICAEC has promoted the adoption of IFRS Standards and the IFRS for SMEs Standard in its member jurisdictions. Over the last three years, significant resources (human and financial) have been dedicated to the institutional development of the Institute. Some of the achievements include the development of a business plan, quality assurance manual, and bylaws and the training of accounting professionals in the understanding and application of IFRS Standards and the IFRS for SMEs Standard to facilitate future training for continuing professional development.
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
The ECSRC has adopted ‘international accounting standards’ for its licensees (which is generally accepted to be IFRS Standards although IFRS Standards are not specifically named) in its Securities (Accounting and Financial Statements) Regulations 2001 issued pursuant to the Securities Act 2001. A generic copy of the accounting and financial statement regulations may be found on the ECSRC's Securities Regulations page.
Moreover, the Securities Act 2001 itself requires that all securities brokers and dealers and investment advisers prepare financial statements in conformity with ‘international accounting standards’. A copy of this Act 2001 is available on the ECSRC's 'Securities Act' page.
ECCB guidelines on corporate governance require compliance with ‘international accounting’ standards by financial institutions licensed under the Banking Act. Although the IFRS Standards are not specifically named in the guidelines, it is generally accepted to be IFRS Standards. Those guidelines may be found on the ECCB's 'Corporate Governance Principles of the OECS' page.
What is the jurisdiction's status of adoption?
Additional comments provided on the adoption status?
If the jurisdiction has NOT made a public statement supporting the move towards a single set of accounting standards and/or towards IFRS Standards as that set of standards, explain the jurisdiction's general position towards the adoption of IFRS Standards in the jurisdiction.
For DOMESTIC companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some domestic companies whose securities trade in a public market either required or permitted to use IFRS Standards in their consolidated financial statements?
If YES, are IFRS Standards REQUIRED or PERMITTED?
Does that apply to ALL domestic companies whose securities trade in a public market, or only SOME? If some, which ones?
Are IFRS Standards also required or permitted for more than the consolidated financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted in separate company financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted for companies whose securities do not trade in a public market?
If the jurisdiction currently does NOT require or permit the use of IFRS Standards for domestic companies whose securities trade in a public market, are there any plans to permit or require IFRS Standards for such companies in the future?
For FOREIGN companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some foreign companies whose securities trade in a public market either REQUIRED or PERMITTED to use IFRS Standards in their consolidated financial statements?
If YES, are IFRS Standards REQUIRED or PERMITTED in such cases?
Foreign companies whose securities are publicly traded are required to use IFRS Standards unless the ECSRC grants specific exemption from the requirement that is in the Securities (Continuing Disclosure Obligations of Issuers) Regulations 2001. The trading of foreign securities is governed by the Securities (Foreign Securities and Intermediaries) Regulations 2004 adopted under Securities Act 2001.