Trinidad and Tobago

Extent of IFRS application | Status | Additional Information |
---|---|---|
IFRS Standards are required for domestic public companies |
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Required. |
IFRS Standards are permitted but not required for domestic public companies | ||
IFRS Standards are required or permitted for listings by foreign companies |
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Required. |
The IFRS for SMEs Standard is required or permitted |
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Permitted. |
The IFRS for SMEs Standard is under consideration |
Organisation
Role of the organisation
The ICATT was established by an Act of Parliament: the Institute of Chartered Accountants of Trinidad and Tobago (Incorporation) Act, 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.
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.
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?
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?
Does that apply to ALL foreign companies whose securities trade in a public market, or only SOME? If some, which ones?
Which IFRS Standards are required or permitted for domestic companies?
IFRS Standards as issued by the Board.