International Financial Reporting Standards

First-time adoption of IFRS

As of July 1, 2002, the Institute of Chartered Accountants of Jamaica has adopted International Financial Reporting Standards, which were formerly known as International Accounting Standards (IAS). These Standards have now come into effect and will be required for those accounting periods commencing on or after the effective date.

KPMG offers advisory services on the impact and implementation of IFRS through gap analyses and other implementation methodologies. We can provide our clients with a comparative analysis of existing financial statements, vis-à-vis the requirements of IFRS and their anticipated impact on accounting policies, the treatment of issues and the level of reporting disclosures.

KPMG in Jamaica’s IFRS team also offers our clients other advice and staff training on IFRS and timely access to our international advisory team, based in London.

For more information, contact Cynthia Lawrence, Partner in Charge, IFRS Advisory Services, (876) 922-6640