|Extent of IFRS application||Status||Additional Information|
|IFRS Accounting Standards are required for domestic public companies||IFRS Standards are required for listed companies and financial institutions.|
|IFRS Accounting Standards are permitted but not required for domestic public companies|
|IFRS Accounting 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 Accounting Standard is required or permitted||Yes.|
|The IFRS for SMEs Accounting Standard is under consideration|
Profile last updated: 01 April 2017
Eastern Caribbean Securities Regulatory Commission (ECSRC)
Eastern Caribbean Central Bank (ECCB)
Institute of Chartered Accountants of the Eastern Caribbean (ICAEC)
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 Standards 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 Institute of Chartered Accountants of the Eastern Caribbean (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 IFRS for SMEs Standard to facilitate future training for continuing professional development.
The Eastern Caribbean Securities Regulatory Commission (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 ECSR’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 is available on the ERSC’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 viewed on the ECCB’s ‘https://eccb-centralbank.org/p/legal-and-regulatory-framework Corporate Governance Principles for the OECS’ page.
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.The Securities (Foreign Securities and Intermediaries) Regulations 2004 may be downloaded from the ECSR’s ‘Securities Regulations’ page.