The Currency Union Benefits from Capacity Building in the Area of Financial Reporting
Basseterre, 11 May 2009 On 8 May 2009, The World Bank partnered with the Eastern Caribbean Central Bank (ECCB) and the Caribbean Regional Technical Assistance Centre (CARTAC) to host a dissemination workshop for the OECS Report on the Observance of Standards and Codes (ROSC) on Accounting and Auditing, published by the World Bank in November 2008. The main purpose of the Workshop was to review the findings and recommendations of the OECS Report on the Observance of Standards and Codes and agree on practical steps to achieve compliance with international standards and improve the quality of financial reporting within the region. Regional and international guest speakers provided an overview of key recent developments in corporate financial reporting including the soon-to-be-issued International Financial Reporting Standards for Small and Medium Enterprises. Guest speakers also discussed current efforts for strengthening the regulation of banks and non-bank financial institutions and reflected on some of the implications of the financial crisis on small states, such as the OECS countries. Participants drew on these discussions to prioritise the OECS Report on the Observance of Standards and Codes recommendations, develop an action plan for reform, and determine where donor support is needed. -30-
Eastern Caribbean Central Bank
P O Box 89, Basseterre, St Kitts
Contact: Ingrid O
