Standards
On 1 July 2002 ICAJ adopted International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as Jamaica's national accounting and auditing standards. The Inter-American Development Bank (IDB) provided funding for a three-year program to implement and ensure compliance with these standards. The move brought Jamaica in line with European standards, but at first meant that companies filing their financial reports with the U.S. Securities and Exchange Commission (SEC) would have to reconcile their figures to Generally Accepted Accounting Practices (GAAP) and highlight the differences from IFRS. In June 2007 the SEC allowed companies to file using IFRS, removing the burden of reconciliation.
Read more about this topic: Institute Of Chartered Accountants Of Jamaica
Famous quotes containing the word standards:
“If one doesn’t know one’s own country, one doesn’t have standards for foreign countries.”
—Johann Wolfgang Von Goethe (1749–1832)
“The home is a woman’s natural background.... From the beginning I tried to have the policy of the store reflect as nearly as it was possible in the commercial world, those standards of comfort and grace which are apparent in a lovely home.”
—Hortense Odlum (1892–?)
“Chief among our gains must be reckoned this possibility of choice, the recognition of many possible ways of life, where other civilizations have recognized only one. Where other civilizations give a satisfactory outlet to only one temperamental type, be he mystic or soldier, business man or artist, a civilization in which there are many standards offers a possibility of satisfactory adjustment to individuals of many different temperamental types, of diverse gifts and varying interests.”
—Margaret Mead (1901–1978)