Financial Crime World

Here is the article in Markdown format:

Eastern Caribbean Securities Market Adopts International Accounting Standards

======================================================

The Eastern Caribbean Securities Regulatory Commission (ECSRC) has implemented international accounting standards (IAS) for all listed companies in its member territories. The commission’s regulations require the use of “international accounting standards” in both consolidated and separate financial statements, which are widely accepted to be International Financial Reporting Standards (IFRS).

Domestic Companies

All domestic companies whose securities trade on a public market in the Eastern Caribbean Securities Market are required to use IFRS in their consolidated financial statements. This applies to all domestic companies, regardless of size or type.

  • In addition, “international accounting standards” are also required for separate company financial statements of all licensees of the ECSRC, including both publicly traded and privately held companies.

Foreign Companies

Foreign companies whose securities trade on a public market in the Eastern Caribbean Securities Market are also required to use IFRS unless exempted by the ECSRC. This applies to all foreign companies, regardless of size or type.

IFRS Endorsement

The ECSRC has not formally endorsed any specific IFRS standards, but instead requires compliance with “international accounting standards” as issued by the International Accounting Standards Board (IASB). The auditor’s report and/or basis of presentation footnote must state that financial statements have been prepared in conformity with these standards.

Translation of IFRS

IFRS standards are not translated into local languages, and English is used instead. The ECSRC does not have a formal process for translating IFRS updates into local languages.

IFRS for SMEs

The ECSRC has adopted the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) standard for all small and medium-sized enterprises (SMEs) in the region. SMEs are permitted to use this standard, while larger companies must comply with full IFRS standards.

Overall, the Eastern Caribbean Securities Market has adopted a robust framework for financial reporting, requiring compliance with international accounting standards and providing flexibility for smaller companies through the adoption of the IFRS for SMEs standard.