|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|
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.
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.
IFRS Standards as issued by the Board.