The Institute of Chartered Accountants of the Caribbean (ICAC) congratulates Rakesh Latchana, Partner at Ram & McRae, a firm of Chartered Accountants in Guyana, on his appointment as one of 11 new members on the International Accounting Standard Board (IASB) Small and Medium-sized Entities Implementation Group (SMEIG) effective July 2016. He will serve on the SMEIG for a three year-term.
Rakesh is the Chairman of the Technical Committee of the Institute of Chartered Accountants of Guyana (ICAG) and also serves as a member of the ICAC Technical Committee. Rakesh also represented the ICAC at the 2015 World Standard Setters meeting in London. Rakesh is a fellow of the Association of Chartered Certified Accountants of the UK and a member of the Society of Management Accountants of Nova Scotia, Canada.
The announcement of the appointment of 11 new members to the SME Implementation Group (SMEIG) was made recently by the IFRS Foundation, the body responsible for the adoption of International Financial Reporting Standards Board (IFRS) and the oversight of the International Accounting Standards Board (IASB). The SMEIG is an advisory body to the IASB with a mandate to support the international adoption of the IFRS for SMEs Standard and to monitor its implementation. The SMEIG’s two main responsibilities are:
- to consider implementation issues raised by small and medium-sized entities (SMEs) and other interested parties and develop proposed guidance in the form of non-mandatory questions and answers (Q&As); and
- to consider issues and make recommendations to the Board on the need to amend the IFRS for SMEs Standard.
The SMEIG was set up in 2010 by the Trustees of the IFRS Foundation following a public call for nominations. The new appointments were made by reference to the qualifications of the individual applicants and the desire to achieve a professional and geographical balance in the SMEIG’s membership. Membership of the SMEIG is personal; this means that members participate and vote in accordance with their own independent views, not as representatives voting in accordance with the views of their associated firm, organisation or constituency.
New appointments to the SMEIG:
| Name | Country | Affiliation |
| Ago Vilu | Estonia |
Country Managing Partner, PricewaterhouseCoopers |
| Bee Leng Tan | Malaysia | Executive Director, Malaysian Accounting Standards Board |
| Carlos Manuel Llobet San Nicolás | Venezuela | Partner, Llobet, Lugo & Asociados |
| Daniel Sarmiento Pavas | Columbia | Consejero, Consejo Técnico de la contaduría pública |
| Kelly Wayne Karmazin | United States of America | Partner, Seim Johnson LLP |
| Marta Cristina Pelucio Grecco | Brazil | Managing Partner, Praesum International Accounting |
| Paul Thompson | Global | Director, Global Accountancy Profession Support, International Federation of Accountants |
| Rakesh Latchana | Guyana | Partner, Ram & McRae |
| Raymond Betserayi Chamboko | Zimbabwe and South Africa | Director and Head of Advisory, W Technical Consulting SA |
| Ulla Stenfors | Sweden | Accounting Expert, Swedish Accounting Standards Board |
| Wayne Robert Twigg | South Africa | Managing Member, Twigg |
A full list of the SMEIG members can be found: http://www.ifrs.org/ifrs-for-smes/smeig/Pages/SMEIG-members.aspx
The ICAC also commends Andrew Brathwaite, immediate Past President of the Institute of Chartered Accountants of Barbados (ICAB) and Alternate Director for Barbados on the ICAC Board, who ended his final term as a member of the SMEIG on June 30, 2016. He was first appointed as a member of the SMEIG on July 1, 2010.
