By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Government’s ‘concept paper’ on improving public sector accounting standards is part of international efforts to assist the country, the Bahamas Institute of Chartered Accountants (BICA) president said yesterday.
Darnell Osborne told Tribune Business that the ‘concept paper’, unveiled by Prime Minister Perry Christie during his mid-year Budget communication, was tied to efforts to get all Caribbean nations to adopt international standards.
Mr Christie said the ‘concept paper’ would provide the reform blueprint for the Government’s reporting of its fiscal results “in a professional and non-partisan manner”.
“This is very important in a world where national governments are under close scrutiny from international ratings agencies, banks and investors. This is an important component of our fiscal consolidation initiative,” said Mr Christie.
Mrs Osborne told Tribune Business: “It’s a Caribbean-wide initiative driven by the Institute of Chartered Accountants of the Caribbean (ICAC).
“It is trying to really get all of the participating countries in the Caribbean to adopt the international public sector accounting standards (IPSAS).
“This is something we have committed to in our action plan with the International Federation of Accountants (IFAC),” she added.
“There is a working group that the Public Treasury has set up to try and help, and work with, the Government to gradually adopt these standards.”
Mrs Osborne said Philip Stubbs was BICA’s representative on the working group.
“This is one of the IFAC’s statement of membership obligations. There are seven of them, and this is one of the obligations we have signed on to,” she added.
“BICA has adopted IFRS, which is international financial reporting standards, but we are trying to get the public sector to come on board.”
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