Auditing and Accounting

FATCA Compliance Report Template 2020 CBTT

Recommended template for use by the External Auditors in the execution of their obligation under the regulator’s Guidelines on the Implementation of the Tax Information Exchange Agreements (United States of America) Act, 2017 The following template was prepared by the Institute of Chartered Accountants of Trinidad and Tobago, in consultation with the Central Bank of […]

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Annual IFRS 9, 15, 16 & 17 Workshop 2019 → Please click here to view Presentations

Annual IFRS 9, 15, 16 & 17 Workshop 2019  Sept. 17, 2019 / Day 1 International Finance Reporting Standards (IFRS 9 &15) Please click here to view Presentations. → IFRS 9 Presentation – Dwayne Rodriguez-Seixas →IFRS 9 Presentation – Richard Look Kin →IFRS 9 Presentation – Tanya Wright →IFRS 9 Presentation – Taryn Salazar →IFRS […]

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IFAC SMP Guide to Review Engagements

Please click here to view in PDF format.

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IFAC SMPC Guide to Compilation Engagements

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Changes to the Global Auditor Reporting

ICATT Auditing & Accounting Standards Committee has prepared the following article outlining the IAASB’s new and revised Auditor Reporting Standards. To view, please click on the link below. Changes to the Global Auditor Reporting

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IFRS 15 – Leases and IFRS 16 – Revenue from Contracts with Customers

Please click on the links below to get PDF versions of the following IFRS presentations presented by KPMG Trinidad at the IFRS Workshop held on September 13th, 2017: IFRS 16 – Leases IFRS Baseline – Revenue from Contracts with Customers Module 1 IFRS Baseline – Revenue from Contracts with Customers Module 2

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IFRS 9 – Financial Instruments

Please click here for the presentation on “IFRS 9 – Financial Instruments” by Haseeb Mohammed – Partner, PwC Trinidad at the IFRS 9 Workshop held on September 12th, 2017.

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Guidance Note to Members Re: Reading of Auditor’s Reports at Annual General Meetings (AGMs)

ICATT Auditing & Accounting Standards Committee has prepared the following guidance note for members regarding the reading of Auditor’s Reports at Annual General Meetings.  A copy of this note can also be downloaded here.     For further guidance on the New Auditor’s Report please click here for the presentation on “A New Way of […]

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New Auditor’s Report

Please click here for the presentation on “A New Way of Communication: Enhanced Auditor’s Report” by Haseeb Mohammed – Partner, PwC Trinidad at Day 2 of the ICATT Annual Financial & Accounting Conference held on 6th October, 2016.  

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Thought Leadership Material on IFRS 4, IFRS 9 and IFRS 15

These documents from the Auditing and Accounting Standards Committee are provided for your information. First Impressions IFRS 9 Financial Instruments IFRS 15 Revenue Guide to Annual Financial Statements – IFRS 15 supplements Revenue Issues in Depth Insurance Amendments Revenue Transition Options  

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Report: 2015 World Standard Setters Meeting in London UK – 28th and 29th of September 2015

” I had the privilege of attending the 2015 World Standard Setters Meeting in London UK on the 28th and 29th of September 2015 , and it was a hugely beneficial and enlightening experience for me.  I write this short piece and share the attached documents to share the benefits obtained with all members of ICATT and thank […]

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Statement of Management Responsibilities (Approved by Council: April 5, 2016)

“ICATT has opted to follow the lead of several international players and instituted a Statement of Management Responsibilities to accompany the financial statements of entities that are not owner-managed, and in particular, transnational, listed, regulated and public interest entities.” Read more here

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Advisory on Presentation of Condensed Interim Financial Statements

The Auditing and Accounting Standards Committee of ICATT has re-issued an advisory on presentation of condensed interim financial statements. It is adapted from an advisory issued by the Institute of Chartered Accountants of Jamaica (ICAJ) on April 27, 2016.  Excerpt: ‘IAS 34 prescribes the minimum content for an interim financial report, and the principles for recognition and […]

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The Latest Global Knowledge, Resources and News from the Gateway: April 19 – May 3, 2016

The current edition of The Latest, the International Federation of Accountants’ (IFAC) compilation of recent additions to the IFAC Global Knowledge Gateway is here, covering the period between April 19 – May 3, 2016 WHAT’S NEW? Our current Viewpoint, Digital Currencies: Where to from Here?, by Lee White, Chief Executive Officer, Chartered Accountants Australia and New […]

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The Latest Global Knowledge, Resources and News from the Gateway: April 5 – April 19, 2016

Some highlights from the current edition of The Latest, the compilation of recent additions to the International Federation of Accountants (IFAC) Global Knowledge Gateway is here, covering the period between April 5 – April 19, 2016. This edition covers: “Our current Viewpoint, IFAC Global Survey Gives Insights into Challenges, Opportunities, Economic Health of Small- and Medium-Sized […]

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The Latest Global Knowledge, Resources and News from the Gateway – Mar 22 – April 5, 2016.

Some highlights from the current edition of The Latest, a compilation of recent additions to the IFAC Global Knowledge Gateway, covering the period between Mar 22 – April 5, 2016. April 5, 2016 Latest Viewpoint The Future of the Accountancy Profession: Continuation or Transformation? by Daniel Susskind, Economist, Author, and Lecturer, Balliol College, University of Oxford […]

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IAASB FINALIZES CHANGES FOR ENGAGEMENTS TO REPORT ON SUMMARY FINANCIAL STATEMENTS

(New York, New York, March 24, 2016) – The International Auditing and Assurance Standards Board (IAASB) has released ISA 810 (Revised), Engagements to Report on Summary Financial Statements, which deals with the auditor’s responsibilities relating to an engagement to report on summary financial statements derived from financial statements audited in accordance with International Standards on […]

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2015 Amendments to the International Financial Reporting Standards for Small and Medium-sized Entities

2015 Amendments to the International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs) is issued by the International Accounting Standards Board (IASB).   The International Accounting Standards Board (IASB) issued the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) in July 2009. At that time the IASB stated […]

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Time to Act: The Accountancy Profession’s Contribution to the Sustainable Development Goals

by Stathis Gould, Head of Professional Accountants in Business and Integrated Reporting, IFAC and Alta Prinsloo, Executive Director, Strategy, and Chief Operating Officer, IFAC | March 8, 2016 The recent agreement between all 193 UN member states on the 17 Sustainable Development Goals (also referred to as the “Global Goals”) demonstrates a widespread political commitment to dealing […]

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IFAC Global SMP Survey: 2015 Results

The 2015 IFAC Global SMP Survey asked practitioners operating in small- and medium-sized practices (SMPs) a number of questions about the challenges they face, the market factors most likely to affect them in the future, the consulting services they provide, and their performance, both in 2015 and projected for the year ahead. In addition, respondents […]

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Research Insights—The Impact of the Social Mismatch between Young Staff Auditors with More Experienced Client Management

by Dr. G. Bradley Bennett, Assistant Professor of Accounting, University of Massachusetts, Amherst and Dr. Richard C. Hatfield, Professor of Accounting, The University of Alabama | March 4, 2016   Overview & Background A typical audit engagement involves junior staff-level auditors (those with 1-2 years of professional audit experience) frequently interacting with client management in […]

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PATCHWORK REGULATION THREATENS GLOBAL GROWTH AND STABILITY

Senior Executives, Regulators, Academics Identify Ten Principles for Good Regulation (New York, New York, February 3, 2016) – A report on global regulation issued today by the International Federation of Accountants® (IFAC®) calls for political leaders and governments around the world to follow ten principles for consistent, high-quality global regulation, to aid global economic growth. […]

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IPSASB PUBLISHES EXPOSURE DRAFT 61 PROPOSING REVISIONS TO THE CASH BASIS IPSAS

(New York, New York, February 3, 2016) – The International Public Sector Accounting Standards Board® (IPSASB®) today released for comment Exposure Draft (ED) 61, Amendments to Financial Reporting under the Cash Basis of Accounting (the Cash Basis IPSAS™). The Cash Basis IPSAS has two parts. Part 1 identifies requirements that a reporting entity needs to […]

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Survey on the Effectiveness of IES™ 7, Continuing Professional Development

The International Accounting Education Standards Board™ (IAESB™) has commenced a project to review the effectiveness of IES 7, Continuing Professional Development, and determine whether revisions to the standard would serve the public interest. Your organization’s perspective on the issues and challenges of applying IES 7 will help the IAESB assess the effectiveness of the standard […]

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IPSASB PUBLISHES EXPOSURE DRAFT 60 ON PUBLIC SECTOR COMBINATIONS

(New York, New York, January 28, 2016) – The International Public Sector Accounting Standards Board® (IPSASB®) today released for comment Exposure Draft (ED) 60, Public Sector Combinations. ED 60 classifies public sector combinations as either amalgamations or acquisitions taking into account control and other factors. A party to the combination must gain control over an […]

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IFAC Selects ACCA to Strategically Strengthen Accountancy Profession in Rwanda

ACCA to Support iCPAR in Building Capacity through DFID-Funded Program (New York, New York, January 5, 2016) – The International Federation of Accountants® (IFAC®), the global organization for the accountancy profession, today announced the selection of the Association of Chartered Certified Accountants (ACCA) to support the Institute of Certified Public Accountants of Rwanda (iCPAR) as […]

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IFAC Engagement with IAASB and IESBA—Representing the Interests of PAIBs & SMPs

by Christopher Arnold, Technical Manager, SME & SMP Affairs, IFAC | December 11, 2015 |  The International Federation of Accountant (IFAC)’s Position Paper Position 2, A Single Set of Auditing Standards: Audits of Small- and Medium-Sized Entities (SMEs) reaffirms IFAC’s view that a single set of auditing standards that can be applied to all audits is in the […]

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ABC/M and the Public Sector: Uses, Pitfalls, and the Argument for Change

by Gary Cokins, CPIM, Analytics-Based Performance Management LLC | December 14, 2015 | A significant lesson learned from implementations of activity-based cost management (ABC/M) is the importance of working backward with the end goal in mind. That is, it is to management’s benefit to know in advance what it might do with the ABC/M data before […]

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Go Forth and Diversify

by Rosana Mirkovic, Head of SME Policy, ACCA | December 14, 2015 | Any business must adapt as the world changes around it and accountancy practices are no exception. The environment in which firms operate has transformed beyond recognition in recent times, in every part of the world. Some of the changes are more visible than […]

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