Trinidad and Tobago
| Extent of IFRS application | Status | Additional Information |
|---|---|---|
| IFRS Standards are required for domestic public companies |
|
Required. |
| IFRS Standards are permitted but not required for domestic public companies | ||
| IFRS Standards are required or permitted for listings by foreign companies |
|
Required. |
| The IFRS for SMEs Standard is required or permitted |
|
Permitted. |
| The IFRS for SMEs Standard is under consideration |
Organisation
Institute of Chartered Accountants of Trinidad and Tobago (ICATT)
Role of the organisation
The ICATT was established by an Act of Parliament in 1970. The Council of the ICATT has authority to set accounting standards in Trinidad and Tobago. The Institute's Auditing & Accounting Standards Committee advises the Council with respect to accounting standards.
Link to Institute of Chartered Accountants of Trinidad and Tobago (Incorporation) Act, 1970:
Website
Email contact
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Yes.
Article 96 of the Rules of the Institute states:
“Council shall be empowered to adopt such of the International Accounting Standards as it sees fit from time to time, as the minimum recommended standards for accounting and disclosure of financial statements in Trinidad and Tobago and shall be empowered to amend such standards as it shall see fit.”
To date the Council of the Institute has adopted IFRS Standards and the IFRS for SMEs Standard without amendment.
Link to Rules of the Institute: www.icatt.org/system/documents/Rules of ICATT.pdf
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
Yes.
See above.
What is the jurisdiction's status of adoption?
Trinidad and Tobago has adopted IFRS Standards and the IFRS for SMEs Standard.
Additional comments provided on the adoption status?
There are no other national accounting standards in Trinidad and Tobago.
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.
Not applicable.
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?
Yes.
If YES, are IFRS Standards REQUIRED or PERMITTED?
IFRS Standards are required.
Does that apply to ALL domestic companies whose securities trade in a public market, or only SOME? If some, which ones?
All.
Are IFRS Standards also required or permitted for more than the consolidated financial statements of companies whose securities trade in a public market?
Yes.
For instance, are IFRS Standards required or permitted in separate company financial statements of companies whose securities trade in a public market?
IFRS Standards are required in the separate 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?
Companies whose securities do not trade in a public market may use either IFRS Standards or the IFRS for SMEs Standard.
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?
Not applicable.
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?
Yes.
If YES, are IFRS Standards REQUIRED or PERMITTED in such cases?
IFRS Standards are required.
Does that apply to ALL foreign companies whose securities trade in a public market, or only SOME? If some, which ones?
All.
Which IFRS Standards are required or permitted for domestic companies?
IFRS Standards as issued by the IASB Board.
The auditor's report and/or the basis of presentation footnotes states that financial statements have been prepared in conformity with:
IFRS Standards.
Does the auditor's report and/or the basis of preparation footnote allow for ‘dual reporting’ (conformity with both IFRS Standards and the jurisdiction’s GAAP)?
No. There is no jurisdictional GAAP other than IFRS Standards.
Are IFRS Standards incorporated into law or regulations?
No.
If yes, how does that process work?
Not applicable.
If no, how do IFRS Standards become a requirement in the jurisdiction?
As noted above, the Institute of Chartered Accountants of Trinidad and Tobago (ICATT) has statutory authority to set accounting standards in Trinidad and Tobago. By adopting IFRS Standards and the IFRS for SMEs Standard, the Council of the Institute has made IFRS Standards a requirement in Trinidad and Tobago.
Does the jurisdiction have a formal process for the 'endorsement' or 'adoption' of new or amended IFRS Standards (including Interpretations) in place?
No.
If yes, what is the process?
Not applicable.
If no, how do new or amended IFRS Standards become a requirement in the jurisdiction?
They become applicable automatically because the ICATT Council has adopted IFRS Standards as the national standards.
Has the jurisdiction eliminated any accounting policy options permitted by IFRS Standards and/or made any modifications to any IFRS Standards?
No.
If yes, what are the changes?
Not applicable.
Other comments regarding the use of IFRS Standards in the jurisdiction?
None.
Are IFRS Standards translated into the local language?
No. The English language Standards are used.
If they are translated, what is the translation process? In particular, does this process ensure an ongoing translation of the latest updates to IFRS Standards?
Not applicable.
Has the jurisdiction adopted the IFRS for SMEs Standard for at least some SMEs?
Yes.
If no, is the adoption of the IFRS for SMEs Standard under consideration?
No.
Did the jurisdiction make any modifications to the IFRS for SMEs Standard?
No.
If the jurisdiction has made any modifications, what are those modifications?
Not applicable.
Which SMEs use the IFRS for SMEs Standard in the jurisdiction, and are they required or permitted to do so?
All SMEs are permitted to use the IFRS for SMEs Standard.
For those SMEs that are not required to use the IFRS for SMEs Standard, what other accounting framework do they use?
Those SMEs that do not use the IFRS for SMEs Standard are required to use full IFRS Standards.
Other comments regarding use of the IFRS for SMEs Standard?
None.
