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:
“Barbarism is the absence of standards to which appeal can be made.”
—José Ortega Y Gasset (1883–1955)
“There are ... two minimum conditions necessary and sufficient for the existence of a legal system. On the one hand those rules of behavior which are valid according to the system’s ultimate criteria of validity must be generally obeyed, and on the other hand, its rules of recognition specifying the criteria of legal validity and its rules of change and adjudication must be effectively accepted as common public standards of official behavior by its officials.”
—H.L.A. (Herbert Lionel Adolphus)
“In this nation I see tens of millions of its citizens, a substantial part of its whole population, who at this very moment are denied the greater part of what the very lowest standards of today call the necessities of life. I see one third of a nation ill-housed, ill-clad, ill-nourished. The test of our progress is not whether we add more to the abundance of those who have much, it is whether we provide enough for those who have too little.”
—Franklin D. Roosevelt (1882–1945)