KPMG Eastern Caribbean/Anguilla in collaboration with the ACCA – Caribbean sponsored a two day course at the Paradise Cove Resort on the Topic: International Financial Reporting Standards (IFRS). the course covered (1) the latest developments in the growing worldwide use of IFRS’s, (2) First time adoption of IFRS, (3) Accounting for Financial Instruments under IFRS 7, IAS 32 and 39 (4)Employee Benefits plans – IAS 19, (5) The latest Exposure Drafts (ED) and the IAS Committee Foundation IASCF Improvement project, ( 6) Consolidated and Separate Financial Statements, (7) Small and Medium Sized Entities, (8) Classification of Investment Properties vs. Property Plant and Equipment (PPE) – IASs 40 and 16 and (9) Revenues Recognition.

Mr. Claudel Romney

The OECS Region has adopted IFRS as the accounting standard for the Region and all practitioners and businesses are required to stay abreast of the dynamic standards that are constantly under revision. As the Region is experiencing constant inflows of capital for investment in tourism projects, real estate, financial instruments, mutual funds and captive insurance etc, regulatory institutions such as the World Bank are requesting that the region not only adopts an internationally recognized standard such as IFRS but that businesses and practitioners, largely accountants and auditors, remain abreast of the new standards as promulgated.

Ms. Johana Agudo

The conference presented illustrated financial statements for banks, insurance companies and corporates highlighting the new disclosure requirements effective under IFRS 7 effective for all financial statements beginning on or after January 1, 2007 i.e. with year ends as at December 31, 2007 and after.

Mr. Ralph Hodge

The IFRS conference was conducted by Dr. Robertine Chaderton, an accounting expert and consultant known throughout the region and internationally. Dr. Chaderton holds a PHD from the Warwick University in the UK. She lectures at the University of the West Indies (UWI) and continues to be a lecturer for the ACCA. Mr. Timothy Hodge, Director of the Anguilla Social Security Board, presented the opening address at the conference underscoring the evolution and rollout of IFRS, the importance of consistency across the capital markets horizon and the obligation to have adequate disclosures so that investors and stakeholders can make informed judgments. Mr. Hodge holds a MBA from UWI and lectures at UWI and across the world at Social Security and other investment conferences. Other presenters included Claudel Romney, Partner in Advisory, and Ms. Johana Agudo, Manager of Audit and Advisory both from the KPMG Eastern Caribbean/Anguilla Office. Mr. Romney holds a MBA from the Wharton Business School of the University of Pennsylvania. Mr. Ralph Hodge – a UWI graduate and Chairman of the Audit Committee of the National Bank of Anguilla - gave an overview as to how audit committees function.

Dr. Robertine Chaderton

The response to the conference was beyond expectations. Managers and financial experts from the various companies and entities were in attendance: Ministry of Finance and Other Government Departments, National Bank of Anguilla, Caribbean Commercial Bank, Anguilla Electricity Company, Audain and Associates, Keithly Lake & Associates, Webster and Dyrud, KPMG Eastern Caribbean/Anguilla, Malliouhana-Anico Insurance, Anguilla Tourist Board, the Anguilla Social Security Board, Health Authority of Anguilla, Anguilla Development Board, Cable & Wireless, HillComSpec Consultancy Limited and the Albena Lake Hodge Comprehensive School.

Mr. Timothy Hodge

The conference provided twelve (12) hours of continuing professional educational credits to practitioners. It has been very informative and timely given today’s rapidly changing financial environment and the increasing obligations regarding accountability, transparency and disclosures.

Participants in the KPMG Conference

Request has been made for a one day session for directors and top management on IFRS and updates and the upcoming conference will focus more on corporate governance and management and the boards’ responsibilities for the accuracy and fair presentation of the financial statements of their respective companies.
Thanks to Denise Romney of KPMG for organizing all aspects of the conference.

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