PwC says major accounting changes will impact Jamaican companies

Kingston, Jamaica, 26 September 2017 – According to PwC, a number of far-reaching accounting changes on revenue, credit losses on loans and leases take effect in 2018 and 2019.  These changes will have a significant impact on revenue, earnings and balance sheets of companies in several industries.

Sandra Thompson, PwC UK Partner, who leads PwC’s global network for financial instruments under International Financial Reporting Standards (IFRS), was speaking at PwC Jamaica’s (IFRS – In Focus, 2017) seminar hosted today at the Jamaica Pegasus hotel. The seminar, now in its 10th year, is Jamaica’s largest and longest running event of this nature.

IFRS is a set of accounting standards developed by the International Accounting Standards Board (IASB), an independent, not-for-profit organization and is intended to provide a global framework for how public companies prepare and publish their financial statements.

Gail Moore, partner at PwC Jamaica, noted that “Accounting standards are constantly changing.  At PwC, our objective is to stay on the cutting edge of global financial reporting and ensure that our clients and other stakeholders understand and are fully prepared for the impact new standards will have on them.

In supporting Gail’s comment, Leighton McKnight, territory leader at PwC Jamaica said, “PwC’s purpose is to build trust in society and solve important problems. PwC’s IFRS seminar forms part of our efforts in fulfilling our purpose. The seminar is not just an event for accounting professionals, it is an important linchpin in supporting the growth and health of the Jamaican corporate sector.”

IFRS is the de facto global language of financial reporting, used extensively across developed and developing economies. Over 130 countries now require, or permit the use of IFRS for all or most publicly listed companies.

The seminar included sessions led by Sandra Thompson and Katie Woods, a Director in PwC’s Global Accounting Consulting Services Group in London specializing in revenue recognition and share-based payments, as well as IFRS specialist partners from PwC Jamaica: Gail Moore, Alok Jain and Garfield Reece. The event was attended by over 280 participants from a number of Jamaica’s largest companies as well as by a number of participants from Haiti.

(L-R) Alok Jain, PwC in Jamaica Partner, Sandra Thompson, PwC UK partner for financial instruments under IFRS, Katie Woods, a director in PwC’s Global Accounting Consulting Services Group in London and Gail Moore IFRS specialist partner for PwC in Jamaica. The IFRS specialists were presenters at the IFRS – In Focus 2017 Seminar hosted by PwC in Jamaica at the Jamaica Pegasus Hotel on September 26, 2017.
Leighton McKnight, territory leader at PwC Jamaica delivers the opening and welcome at the IFRS – In Focus 2017 Seminar hosted by PwC in Jamaica at the Jamaica Pegasus Hotel on September 26, 2017.
Participants at the IFRS – In Focus 2017 Seminar hosted by PwC in Jamaica at the Jamaica Pegasus Hotel on September 26, 2017.

About PwC   

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 223,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com/jm

© 2017 PricewaterhouseCoopers. All rights reserved. PwC refers to the Jamaica member firm and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

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