2013 ICAC Caribbean Conference of Accountants in Barbados
Some 560 accounting and finance professionals as well as business leaders from the region and internationally gathered in Barbados over the period June 27 – 29, 2013 for the Institute of Chartered Accountants of the Caribbean (ICAC) 31The 2013 Conference was held at the Hilton Barbados Resort, which is nestled on the popular Needhams’ Point on the outskirts of Bridgetown, Barbados. The conference theme, “Global Challenges – Regional Solutions”, examined the global issues affecting the Caribbean including the global economic recession and the changing international trade environment as well as the impact of new international accounting and auditing standards and regulations on the profession.
The conference also examined how accounting professionals can leverage their talent and ingenuity to help transform the region’s economies and increase competiveness in the global environment. The opening session of the conference was addressed by Prime Minister of Barbados, the Hon. Freundel Stuart, QC, MP, who addressed the topic, Perspectives on Regional Integration. In his address the Prime Minister stated that a major priority for regional governments should be to treat the haemorrhaging of the foreign exchange earnings industries of tourism and international business. He noted that these two sectors had taken a beating as a result of the impact of global conditions.
He highlighted the issues impacting regional economies and the steps needed to generate employment, government revenue and economic activity and to ensure the sustainability of the region. He stressed the need to diversify the sources of the Caribbean’s economic drivers and align the region more with faster growing areas of the world. “We must improve the productive capacity of our economies through infrastructure development. We must rationalize and consolidate the fiscal sector by reducing wastage, cutting unnecessary programmes, confronting the ‘entitlement’ mentality in our countries, providing public goods and services more efficiently and improving the facilitation role of Government,” Prime Minister Stuart stated.
He encouraged accountants to become more integrally involved in designing a new economic and financial architecture for the development of the Caribbean.
Speaking on the topic, Driving Sustainable Organisational Success, IFAC President, Mr. Warren Allen, challenged accountants to take the lead in assisting regional governments in turning risks into opportunities. He said it was not a matter of incremental change that was needed but “a radical transformation in the way we think and the way we run our organisations”. He noted that professional accountants were ideally placed to lead the way in this regard.
“There are three pillars of sustainable development – economic, social and environmental sustainability. Here in the Caribbean all three pillars of sustainable development are highly relevant and all must be combined to create win-win scenarios for sustainable economies,” the IFAC President stated. Dr. Wendell Samuel, Deputy Division Chief, International Monetary Fund also delivered a presentation on “Challenges of Fiscal Consolidation and Debt Reduction in the Caribbean” during the opening session of the conference.
Other presentations delivered during the technical session of the conference were:
- Investigation and Discipline of Accountants, in the Wake of Recent Corporate Failures by Prof. Barry Cooper, President, ACCA
- Preventing Money Laundering – Doing the Best Thing in the Right Way by Mr. Paul Simkins, Director, Quality Assurance, ICAEW
- Update on International Financial Reporting Standards – Mr. Peter Gittens, Director, Ernst & Young
- The Future of Audit by Mr. Sha Ali, Director – Practice Monitoring, ACCA and Mr. Kevin J. Dancey, President, CPA Canada
- Towards Better Public Sector Expenditure Management in the Caribbean (Panel Discussion)
- Improving Corporate Governance in the Caribbean (Panel Discussion)
- New Model for Cricket Funding, Administration and Development (Panel Discussion)
- Women in the Board Room (Panel Discussion)
- Employee Engagement and Productivity (Panel Discussion)
- Enterprise Risk Management by Bruce L. Scott, Partner, PwC Jamaica Enterprise Risk Management (ERM)
- Update on Tax Secrecy Initiatives by Ms. Anuschka Bakker, Senior Manager, IBFD, Amsterdam
- The Economics of Renewable Energy in the Caribbean by Mr. Roger Blackman, Business Development Manager, Barbados Light & Power Co. Ltd.
- In Search of Solutions to the Challenges of Regional Air Transportation by Dr. the Hon. Jean Holder, General Secretary, Caribbean Tourism Research & Development Centre and Caribbean Tourism Organisation
- Caribbean Tourism Outlook – Challenges and Opportunities by Mr. Vincent Vanderpool-Wallace
- Caribbean Competitiveness/Growth (Panel Discussion)
- Feeding CARICOM – Prospects for Caribbean Agriculture by Dr. Chelston Brathwaite,
- Director General, InterAmerican Institute of Cooperation on Agriculture (IICA)
- Imperatives for Caribbean Growth by Prof. Andrew Downes, Pro-Vice Chancellor, Planning and Development, UWI
- Change Management and Organizational Transformation by Mr. Simon Holland, Partner, Deloitte
In her closing address, the outgoing ICAC President, Betty Brathwaite, thanked the delegates for their support in making the 31conference host, the Institute of Chartered Accountants of Barbados (ICAB), led by its President, David Simpson, for planning and executing an excellent conference.
The newly-elected President, Frank Myers also commended the 2013 Conference team for hosting a successful conference. He noted that the conference theme, “Global Challenges, Regional Solutions”, was well-chosen and that the team of qualified presenters ensured that participants were well-informed about the wide range of topics selected. He also noted that the entertainment package provided during the conference was also impressive and gave delegates and spouses a true experience of Barbadian culture and talent.
2012 ICAC Caribbean Conference of Accountants - Antigua
Over 400 accountants, finance professionals and business leaders from the Caribbean gathered in St. John’s, Antigua over the period June 21-23, 2012 for the Institute of Chartered Accountants of the Caribbean’s (ICAC’s) 30th Caribbean Conference of Accountants. The 2012 conference, which was hosted by the Institute of Chartered Accountants of the Eastern Caribbean – Antigua and Barbuda branch, took place at the Grand Royal Antiguan Beach Resort. The conference theme, “Playing to Win – Bowling over the Challenges”, examined the challenges facing the accountancy profession and the strategies to effectively overcome them.
The theme was formulated in acknowledgement of the Caribbean’s rich cricketing tradition and the West Indies cricket icons who have exemplified a spirit of endurance and determination in their quest to succeed. It was anticipated that conference participants would learn positive lessons from the approach and attitude of these sportsmen and develop effective strategies to overcome the many challenges impacting the accounting profession and the business environment within the Caribbean region.
The opening session of the conference was addressed by the Hon. Harold Lovell, Minister of Finance and the Economy (Antigua & Barbuda); Warren Allen, Deputy President, IFAC; Sir K. Dwight Venner, Governor, Eastern Caribbean Central Bank and Betty Brathwaite, ICAC President. Other presentations on day one of the conference were:
- Strategy for the Development of the Accountancy Profession in the Caribbean by Mozammal Hoque, Senior Financial Management Specialists at the World Bank.
- Regulatory changes with the banking and financial sector – Is enough being done? by Aubyn Hill, Chief Executive Officer, Corporate Strategies Limited, Jamaica.
- Anti-money Laundering and Terrorist Financing – the changing role of the accountant” led by a panel comprising Michelle Martin, President, Compliance
- Aid and Lt. Col. Edward H. Coft, Director, The Office of National Drug and Money Laundering Control Policy, Antigua.
- Staying fit and healthy - a challenge amidst the other challenges by Dr. Leslie Walwyn, Medical Officer, Medical Benefits Scheme, Antigua.
- Fraud - the new schemes, red flags and cost implications for the Caribbean by Terry LeBlanc, Chairman, CGA–Canada.
- The Auditing profession - independence, quality and reforming the regulations as proposed by the European Commission by Brendan Murtagh, Past President, Association of Chartered Certified Accountants (ACCA).
- Deploying the New Ball: Strategic Management Accounting and the Challenges of 21st Century Governance by Dr. Gaynor Emily Dick-Forde, Head Special Projects, UWI Open Campus, Trinidad.
After a full day of presentations and panel discussions, delegates and spouses partied and socialized at the President’s Dinner held at the Grand Royal Antiguan Beach Resort Ball Room. Entertainment was provided by one of Antigua’s popular cultural bands along with stellar performances by artistes such as George Bridgwater, Lacu Samuel & Kutting Edge Band and Sir McLean Emanuel – King Short Shirt.
The technical session on Saturday, June 23rd included the following presentations:
- “Effective Leadership in Turbulent Times – making tough decisions” by Shirlene Nibbs, Managing Director, Nibbs and Associates, Antigua.
- “FATCA – like it or not it’s here...”, presented by Lawrence Lewis, Partner, Deloitte (The Bahamas).
- “The faltering tourism industry within the Caribbean - How do we turn it around”? delivered by Edmund Bartlett, Former Minister of Tourism, Jamaica.
- “Developments in IFRS for SMEs – where are we headed”, presented by Andrew Brathwaite, Principal, AFB Consulting, Barbados.
- “Bowling over the Challenges – a chat with Curtley Ambrose,” former West Indies cricketer and inductee in the International Cricket Hall of Fame.
A wrap-up summary of the issues discussed during the two-day technical session was delivered by Dr. John Harris, Program Chair, School of Business at Centennial College, Toronto, Canada. This was followed by a promotional launch of the 31st Caribbean Conference of Accountants to be held in June 2013 in Barbados.
In her closing address, ICAC President, Betty Brathwaite, thanked the delegates for their support in making the 30th Caribbean Conference a success. She also commended Conference Host and Chairman of ICAEC-Antigua & Barbuda branch, Erwin Southwell, and his team for planning and executing a superb conference. The Bowlers Ball Closing Fete held later that evening at the Copper and Lumber, Nelson’s Dockyard was the perfect culmination to a fulfilling and successful 2012 Conference.
ICAC’s 2011 Caribbean Conference of Accountants - Jamaica
Some 900 accountants, finance professionals and business leaders from the Caribbean gathered in Kingston, Jamaica’s capital city over the period June 23-25, 2011 for the Institute of Chartered Accountants of the Caribbean’s (ICAC’s) 29th Caribbean Conference of Accountants.
The conference theme, “Third to First - Going the Distance”, focussed on winning strategies for achieving success and identifying creative approaches to help build a first world Caribbean region. It also examined the developmental strategies engaged by countries as a model for the transformation of the region’s economies from developing to first world status.
The theme, “Third to First - Going the Distance”, drew its inspiration from the disciplined performance of the region’s outstanding athletes who have consistently demonstrated through their focus and commitment that they can be world-class achievers.
The 2011 conference, which was hosted by the Institute of Chartered Accountants of Jamaica (ICAJ) at the Jamaica Pegasus Hotel, Kingston, Jamaica, commenced with a Welcome Cocktail Reception on Thursday, June 23, 2011, where delegates enjoyed delectable Jamaican cuisine and colourful entertainment by the Carifolk Singers, L’Acado Drummers and the nostalgic strains of a Mento Band.
Jamaica’s Prime Minister, the Hon. Bruce Golding, delivered the opening address, “Third to First - Getting Started” at the official opening ceremony on Friday, June 24. Delegates were also warmly welcomed by outgoing ICAC President, Harryram Parmesar and ICAJ President, Archibald Campbell.
In his address, Prime Minister Golding officially announced his government’s plans to initiate measures for comprehensive tax reform as early as January, 2012 and explained that the aim of the tax reform programme was to “completely rationalize the tax system in Jamaica”. He stated that all Jamaicans would benefit from the comprehensive tax reform proposal that was recently tabled in Parliament as a green paper entitled, “Tax Reform in Jamaica”. He added that the programme would be accompanied by a public sector rationalization programme that will merge accountability and responsibility with authority. The green paper proposed, among other things, a lowering of the General Consumption Tax and Income Tax rates.
ACCA President, Mark Gold, also delivered a presentation entitled, “Role of the Profession in the Development of the Region’s Economics” at the opening ceremony.
The conference’s keynote speaker was economist Professor Henri Ghesquiere, Visiting Professor at the Lee Kuan Yew School of Public Policy and Author of “Singapore’s Success: Engineering Economic Growth”. In his address, Professor Ghesquiere, described Jamaica’s development outcome over the past four decades as “disappointing” and further expressed that the positive initial conditions that Jamaica had in its favour four decades ago included location, a deep waterport, English language, natural resources and tropical beauty. He further stated that “in the 1970s long-term economic growth was not the primary objective as competing goals took over”, and that “for extended periods of time, polarization and discord stood in the way of creating consensus in favour of sound long-term policies”.
Professor Ghesquiere highlighted the five “building blocks” for Singapore’s achievement of “first world” status as, seeing the potential for success in initial conditions; the will to achieve long-term economic growth; discipline in the areas of budgeting, competitiveness and the rule of law; seizing opportunities for economic growth, and the realistic use of incentives. He said
these building blocks used by Singapore can also be used by other countries, such as those of the Caribbean, but needed to be adapted to suit cultural and other local peculiarities.
Presentations and speakers during the technical sessions on the first day of the conference were:
- No Room for Error by Milton Samuda, President, Jamaica Chamber of Commerce
- The Road to First: A Caribbean Perspective by Carlton Barclay, Assistant General Manager, Finance Administration & Planning Jamaica National Building Society
- Leading and Driving Change in the Caribbean through Information and Communication Technology – by Carolyn Purchell, Senior Director of CISCO Systems Inc., Fujitsu’s Strategic Partner
Other presentations led by expert speakers from the Caribbean, the UK, Canada and the USA
were:
- R. William Phelps, Executive Vice President, Corporate Services, CARANA Corporation who addressed the topic, “Pioneering the Future amidst Financial Crisis.”
- Andrew Deutscher, Vice President of Business Development, The Energy Project, who presented on the topic, “Winning Strategies: Developing Human Capital and Building to Achieve Uncommon Success”.
After a full day of presentations and panel discussions, delegates partied and socialized at the President’s Dinner held at the Wyndham Kingston Hotel. During dinner, Harryram Parmesar formally handed over the baton of leadership to newly-elected ICAC President, Joan E. Brathwaite, Partner with Deloitte & Touche, Barbados. He thanked the Board of Directors for
their support during his tenure as President and Chairman of the ICAC Board.
The technical session on Saturday, June 25th began with a presentation by Dennis Chung, Project Manager, Air Jamaica Divestment on Competitive Analysis of the Region. This was followed by the presentation on “Gaining the Competitive Edge: Becoming a Region of Excellence,” presented by Professor Michael Fairbanks, Founder & Chairman of the OTF Group and a
strategy facilitation session on “Picking Strategies to Build A First World Region” led by Dr. Maxine Garvey, Senior Corporate Governance Officer, International Finance Corporation.
The 30th Caribbean Conference of Accountants to be held in June 2012 in Antigua was promoted during the closing session of the conference. This was followed by the closing address which was delivered by the newly-elected ICAC President, Joan Brathwaite, who thanked the delegates for their tremendous support in making the 29th Caribbean Conference a success.
The conference ended with a bang on Saturday night with a Fun-Time-Fete at Fort Charles, Port Royal, themed “Pirate’s Night”, which drew scores of costumed delegates in pirates’ eye patches, red scarves, and some in pantaloons to boot! The merrymaking continued early into the morning and was the perfect culmination to an enjoyable and very successful 2011 Conference.
