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ICAC to host conclave in Bahamas

The Institute of Chartered Accountants of the Caribbean will host a groundbreaking conference in The Bahamas April 12-14 bringing together a gathering of the Caribbean’s senior public sector leaders and representatives of accountancy organizations to discuss approaches to public sector financial management and accounting standards. 

Source:
Date:
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TheBahamasInvestor.com
Tuesday, April 5, 2016
Tuesday, April 5, 2016

Jasmine Davis

Pictured: ICAC President, Jasmine Davis. (Photo courtesy ICAC)

The Institute of Chartered Accountants of the Caribbean (ICAC) will host a groundbreaking conference in The Bahamas this month bringing together a gathering of the Caribbean’s senior public sector leaders and representatives of accountancy organizations to discuss approaches to public sector financial management and accounting standards.

The conference will be held at the Melia Nassau Beach Resort April 12-14.

Supported by The Bahamas’ government and other donor partners and hosted by ICAC in collaboration with the International Federation of Accountants (IFAC) and the World Bank, the roundtable discussions are aimed at enhancing inter-governmental collaboration, and strengthening relationships with public sector leaders and the accounting profession.


“The last financial crisis highlighted the fragility of Caribbean economies and institutional weaknesses of indebted governments. Successfully managing and forecasting public expenditures and revenues is critical if our region is to achieve both its full economic potential and deliver sustainable high-quality services for our citizens,” said Jasmine Davis, the first Bahamian female to serve as ICAC president.

“It is vital that we all work together to implement world-class public sector accounting standards. ICAC is proud to host this event in partnership with the IFAC and the World Bank. I am delighted that we can bring together an outstanding group of public sector leaders and PAO representatives who are passionate about the region’s economic growth and stability, and who believe that we can only achieve our goals by working together to reform our public sector accounting standards,” Davis added.

The ICAC president explained that strengthening regional professional accountancy organisations (PAOs) to support regional economies and initiatives such as the adoption and implementation of International Public Sector Accounting Standards (IPSAS), is a priority for ICAC and therefore her organisation has also sought to invite PAO representatives from throughout the region to participate in the Public Financial Reform roundtable as well as a Capacity Building workshop from which the ICAC and donor partners will develop a regional Capacity Building Action Plan.

The three-day discussions will cover regional economic, social, and business imperatives; public financial reporting reforms (regional and international perspectives); engaging stakeholders; challenges of the accountancy profession in the Caribbean and capacity-building strategies; and technical training on latest developments in IPSAS.

PharmaChem Technologies broke ground on its $120 million multi-product manufacturing plant last week in a ceremony which saw government officials and industrial sector executives heralding significant growth of industrial and economic development on Grand Bahama.

The Minister of Financial Services Hope Strachan has released a statement following the recent leak of information by legal firm Mossack Fonseca based in Panama. Read the statement here.

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