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The Institute of Chartered Accountants of the Caribbean

31st Annual Caribbean Conference Hosted by The Institute of Chartered Accountants of Barbados

June 27-29, 2013 Hilton Barbados

About The Institute of Chartered Accountants of the Caribbean The Institute of Chartered Accountants of the Caribbean (ICAC) was established on October 28, 1988, to represent the interest of accountants within the English-speaking Caribbean. The founding members of the ICAC were Bahamas, Barbados, Belize, Guyana, Jamaica, St. Lucia, and Trinidad & Tobago. Since its establishment, the Institute of Chartered Accountants of the Caribbean has provided a forum for the advancement of the accountancy profession in the Caribbean. Today, with seven member bodies (national accounting institutes) and a network of approximately 3,700 accountancy professionals, the ICAC is the recognised regional accountancy organization dedicated to advancing the interest of accountants within the Caribbean through the promotion of internationally acceptable standards and best practices, thought leadership, research and continuing professional development. Among its many achievements, the ICAC is proud to be recognised as an “Acknowledged Accountancy Grouping” of the International Federation of Accountants (IFAC). This is a designation held by only five other accountancy groupings in the world. These groupings support the objectives of IFAC and the advancement of the accountancy profession within their jurisdictions.

Annual Caribbean Conference of Accountants Through its flagship event, the Annual Caribbean Conference of Accountants, the ICAC provides a forum for accountants in the region to participate for mutual and fraternal benefits and to examine regulatory issues and other matters impacting the profession globally. The conference attracts delegates from the Caribbean, United States, Canada and the United Kingdom.

Message from the ICAC President J. E. (Betty) Brathwaite

Dear Colleagues: Time is drawing near! Our teams here in Barbados are working diligently to ensure that this 31st Annual Conference is the best yet. We do live in this global village and so the standards and expectations for our annual conference rise higher and higher every year as our members travel to larger gatherings and expect a certain level of conference activity. Our speakers’ committee has been working on topics surrounding the conference theme of Global Challenges. Regional Solutions, and have amassed an impressive list of international speakers, presenters and panellists, accepting the challenge to continuously raise the bar. Our 31st Annual Caribbean Conference of Accountants scheduled for June 27-29, 2013 in Barbados is therefore expected to be focussed and results driven. As we contemplate the theme, I invite you to think, about how we can make the interface and exchanges at this annual Caribbean Conference more meaningful, not only to our organizations but to our individual territories and to the region as a whole. How do we move the conversations to points of action? The ongoing economic challenges being faced by the European Union, for example, not only present an interesting case study for us here in the Caribbean and particularly for the members of CARICOM; they also demonstrate how inter-connected the world has become. Here at home we too are feeling the effects of the ongoing global recession as well as the changes in the international trade environment, even as we contend with the ‘new and revised international financial reporting and auditing standards, rules and regulations.’ This conference therefore is another reminder of the urgent call to act; to make a positive difference. It cannot simply be a forum for meeting, greeting and exchanging ideas. We must also commit ourselves to engaging in a process of fact finding and analysis that will result in us identifying solid strategies for change, as we bring our collective energy and know-how to chart the way forward. To prepare for our exchange of ideas and the sharing of knowledge, we need you to register early so that we can properly plan for you. All the relevant information for the conference is now available on-line for delegates through the Conference Website . I also invite you to follow the Conference via our Facebook page – ICAC Conference 2013. On behalf of the Board of the ICAC, I take this opportunity to thank ICAB President David Simpson and his team, who are making every effort to ensure that Conference 2013 is another one for the record books. We look forward to another fruitful and memorable gathering, and I look forward to welcoming you all to the beautiful island of Barbados for our 31st ICAC Annual Caribbean Conference.

Message from the Conference Chairman Rueben Blenman Chairman, ICAC 2013 Conference Planning Committee

June 27 is almost here and our plans are well advanced for what promises to be a superb conference set in Barbados’ first UNESCO Heritage Property of Historic Bridgetown and its Garrison, where the picturesque Hilton Hotel is located. The Institute of Chartered Accountants of Barbados (ICAB) is putting together the final touches to the plans to host the ICAC 31st Caribbean Conference of Accountants in Barbados from June 27-29, 2013. Our theme for the conference – “Global Challenges, Regional Solutions” is intended to be reflective of our current reality where there are global issues affecting the Caribbean. These issues range from the international economic recession, to an unfavorable international trade environment, to the impact of new international accounting and auditing standards, rules and regulations. Additionally it seeks to draw into sharp focus the need to recognize and utilize the tremendous talent and ingenuity of Caribbean people to work together, to compete with the rest of the world, and generate growth and development in the Caribbean region. In addition to the Hilton there are several other hotel options within a 1.5 mile radius which vary in price and amenities. These include Aquatica Beach Resort, Island Inn, Courtyard by Marriott, Amaryllis, and Savannah. Barbados as a major destination for tourism and international business features many restaurants, golf courses, heritage properties, water sports, island tours, and many other attractions. The conference will be held during the weekend of the launch of the Crop Over festival, with all of the music, food, art, and dancing which are part of Crop Over in Barbados. There will therefore never be a dull moment for you or your spouse during your visit to Barbados for the conference. The ICAC 2013 Conference Planning Committee, our professional event management firm, and our team of ICAB volunteers have been hard at work planning a very exciting, and professionally stimulating conference. I look forward to welcoming you to Barbados for the ICAC 31st Caribbean Conference of Accountants in Barbados June 27-29, 2013 and promise you a rich and fulfilling experience.






EVENTS & SCHEDULE Tuesday, June 25 – Thursday, June 27, 2013 ICAC Meetings – Hilton Meeting Rooms

Thursday, June 27, 2013 Arrival & Registration of Delegates Welcome & Cocktail Reception – Hilton Old Fort

Friday, June 28, 2013 Conference Opening Ceremony – Hilton Ballroom Conference sessions – Day 1 – plenaries, breakouts & panel discussions – Hilton Meeting Rooms President’s Dinner – The Concorde Experience

Saturday, June 29, 2013 Conference sessions – Day 2 – plenaries, breakouts & panel discussions – Hilton Meeting Rooms Conference Closing Ceremony – Hilton Ballroom Farewell Fete – George Washington House

SPOUSES’ PROGRAMME Friday, June 28, 2013 Tour of St. Nicholas Abbey Lunch at Naniki Nature Reserve Tour of Harrison’s Cave President’s Dinner

Saturday, June 29, 2013 Tour of Historic Bridgetown Shopping Tour Farewell Fete

REGISTRATION Registration (incl. VAT): Members US$595 • Non-Members US$650 • Spouse US$295 Closing Deadline: June 5, 2013

To register, click here • REFUND POLICY 1. Full refunds on cancellations received up to May 15, 2013 2. 50% refund on cancellations received between May 16 and June 5, 2013 3. Cancellations after June 6 – NO REFUND.

ACCOMMODATION A complimentary shuttle service will be provided between the hotels to allow delegates to move freely.

HILTON BARBADOS RESORT Conference Hotel US $179 per room per night (single & double) + 18.75% tax Phone: (246) 426-0200 For reservations visit:

RADISSON AQUATICA BEACH RESORT USD$156.00 plus taxes per room, per night Phone: (426) 426-4000 Email:

THE SAVANNAH BEACH HOTEL USD$175.00 plus taxes per room, per night Phone: (246) 434-3800

THE COURTYARD BRIDGETOWN BY MARRIOTT US $175 per room, per night plus taxes Phone: (246) 625-0000

OCEANS ONE CONDOS US $360 per night (occupancy 4), US $495 per night (occupancy 6), Both include all taxes and one day of housekeeping Phone: (246) 232-0941 Email:

THE AMARYLLIS BEACH RESORT USD$131.00 per person plus taxes Phone: (246) 438-8888

CONDOMINIUMS AT PALM BEACH US $340 per night (occupancy 4), US $460 per night (occupancy 6) Both include all taxes and one day of housekeeping Phone: (246) 232-0941 Email:

CONFERENCE TOPICS DAY 1 Plenary sessions Feature Address: Perspectives on Regional Integration The Honourable Freundel Stuart Q.C., M.P., Prime Minister of Barbados Keynote Address: Challenges of Fiscal Consolidation and Debt Reduction in the Caribbean Dr. Wendell Samuel, Deputy Division Chief, International Monetary Fund • Driving Sustainable Organisational Success Mr. Warren Allen, President, International Federation of Accountants (IFAC) • Investigation and Discipline of Accountants, in the wake of recent corporate failures Mr. Barry Cooper, President of Association of Chartered Certified Accountants (ACCA) • Preventing Money Laundering – doing the right thing in the best way Mr. Paul Simkins, Director Quality Assurance and Chair UK Anti-money Laundering Supervisors’ Forum, Institute of Chartered Accountants of England and Wales (ICAEW)

Break-out sessions – Technical • Update on International Financial Reporting Standards Mr. Peter Gittens, Director, Ernst & Young, Trinidad • The Future of Audit Mr. Sha Ali Khan, ACCA; Mr. Kevin Dancey, CPA Canada • Towards Better Public Sector Expenditure Management in the Caribbean (Panel Discussion) Chair: TBC • Improving Corporate Governance in the Caribbean (Panel Discussion) Chair: Dr. Philmore Alleyne, Head of Department Management Studies, UWI, Cave Hill Campus

Breakout Sessions - General • New Model for Cricket Funding, Administration and Development Mr. Joel Garner, Former West Indies Cricketer • Women in the Boardroom (Panel Discussion) Chair: Ms. Angela Lee Loy, Founder & Chairman, Aegis Business Solutions, Trinidad • Employee Engagement and Productivity (Panel Discussion) Chair: Ms. Kim Tudor, CEO National Initiative for Service Excellence (NISE), Barbados • Enterprise Risk Management Mr. Bruce Scott, Partner, PricewaterhouseCoopers, Jamaica • Update on Tax Secrecy Initiatives Ms. Anuschka Bakker, International Bureau of Fiscal Documentation (IBFD)

DAY 2 Breakout Sessions - General • The Economics of Renewable Energy in the Caribbean Mr. Roger Blackman, Business Development Manager, Barbados Light & Power Co. Ltd. • In Search of Solutions to the Challenges of Regional Air Transportation Mr. Jean Holder, Chairman of LIAT • Caribbean Tourism Outlook – Challenges & Opportunities Mr. Vincent Vanderpool-Wallace, Former Minister of Tourism, The Bahamas & Former Secretary General - CTO • Caribbean Growth and Competitiveness (Panel Discussion) Chair: David Ellis, Regional Manager, News and Current Affairs, OCM Network • Feeding Caricom - Prospects for Caribbean Agriculture Dr. Chelston Brathwaite, former Director General, Inter-American Institute for Cooperation on Agriculture (IICA)

Closing Plenaries • Imperatives for Caribbean Growth Professor Andrew Downes, Director of Sir Arthur Lewis Institute of Social and Economic Studies, UWI, Cave Hill Campus • Change Management and Organizational Transformation in Caribbean Mr. Simon Holland, Partner, Deloitte & Touche, UK • ICAC Town Hall Session • 2014 Conference Promotion SUVA

KEY SPEAKERS Warren Allen became President of IFAC in November 2012 after serving as Deputy President for two years. He served as a member of the IFAC Board since 2006 and was on the Education Committee (now the International Accounting Education Standards Board) for more than 10 years, including as Chairman from 1998 to 2004. Mr. Allen was a partner at Ernst & Young in New Zealand and served on the firm’s Management Board for more than six years. He has held several other leadership positions in the New Zealand firm, including National Leader of Audit Practice and Country Director of Audit. He is also a Life Member and past president of the New Zealand Institute of Chartered Accountants, where he has served on and chaired various boards and committees. MR. WARREN ALLEN

Mr. Allen has been the recipient of several awards, including the Valued Contribution to the Profession Award in 2001. He is the author of numerous journal articles and papers and has presented several papers at major international conferences, including four World Congresses of Accountants, primarily on accounting education topics.

Professor Barry J Cooper, ACCA President 2012-2013, is Head of the School of Accounting, Economics and Finance at Deakin University, Melbourne. He has a Bachelor of Commerce, Master of Education and Ph D degree and is a Fellow of the Association of Chartered Certified Accountants (ACCA). During his term on ACCA Council, Barry has been on a number of ACCA committees, including the Research Committee (Chair), Resource Oversight Committee (Chair) and the Technical Liaison Committee. He has also been a member of the Nominating Committee, Education Advisory Committee and the Editorial Board (Chair). Barry’s senior management experience has included being Head of the Accounting Schools at the Hong Kong Polytechnic (1987 – 1991) and RMIT University (1993 – 1997) and also from 1988 MR. BARRY COOPER

– 1993, Barry played a key role in establishing the ACCA qualification in China. He was also National Director – Member Services of CPA Australia (1998 – 2000), when he was responsible for its member services and professional development operations. He returned to RMIT University in December 2000 until moving to Deakin University in 2007, where, in addition to his role as Head of the School of Accounting, Economics and Finance, he teaches and researches in the areas of auditing, professional ethics, corporate governance and accounting education. In his spare time, Barry follows his passion as an organic olive oil grower and processor.

Professor Andrew Downes is a Professor of Economics, and currently Pro-Vice Chancellor, Planning and Development, UWI and has been the Director of the Sir Arthur Lewis Institute of Social and Economic Studies (SALISES) at the UWI Cave Hill Campus since 1994. He served as University Director of the tri-campus SALISES unit from 2000 to 2008. Professor Downes holds BSc and MSc degrees (Economics) from The UWI and a PhD (Economics) from the University of Manchester, UK. He is a recipient of several academic awards and has been a consultant for several regional and international organisations (Caribbean Development Bank, ILO, IDB, World Bank, UN, etc.) along with the Government of MR. ANDREW DOWNES

Barbados and several national organisations. His research interests include Labour/Human Resources Economics, Applied Econometrics and Development Economics and he is regarded as one of the region’s leading labour economists.

Simon Holland is a Partner and Global Head of Strategic Change & Organisational Transformation for Deloitte and specialises in cultural change and leadership. Simon has led the design, development and delivery of many change initiatives with outstanding results for his clients. His extensive consulting experience coupled with his understanding of how sustainable change really happens helps provide leaders and managers with the tools, frameworks and advice for bringing these change methods to life within their organisations. Having held senior leadership positions within the corporate world gives Simon a commercial acumen that keeps his client work keenly focussed on business outcomes. Prior to joining Deloitte Simon spent the last 13 years as a Partner and Managing Partner of a small global boutique SIMON HOLLAND

change firm working particularly in Financial Service and Technology with clients which include Barclays Capital, Lloyds, JP Morgan, HSBC, Aviva, Thomson Reuters, QBE & CSC.

Dr. Wendell Samuel, a national of St. Vincent and the Grenadines, is Deputy Division Chief the Caribbean II Division of the IMF’s Western Hemisphere Department, Mr. Samuel holds Bachelor and Master in Economics degrees from the University of the West Indies, and a Ph.D. in Economics from New York University. Prior to joining the Western Hemisphere Department, Mr. Samuel was Senior Director of Research and Information at the Eastern

Caribbean Central Bank, and a lecturer in the Department of Economics at the University of the West Indies. His most recent assignment was the IMF’s Regional Resident Representative for the Eastern Caribbean Currency Union Countries. DR. WENDELL SAMUEL Paul Simkins has been Director of the ICAEW’s Quality Assurance Department (QAD) for ten years and also serves as the ICAEW Money Laundering Reporting Officer. He chairs the UK Anti-Money Laundering Supervisors Forum. Paul oversees a team of 55 staff responsible for monitoring 12,000 ICAEW firms in relation to Audit, Insolvency, Designated Professional Body (DPB), and Practice Assurance. QAD works with several auditing and oversight bodies in other jurisdictions to improve standards in auditing through better regulation and quality monitoring. Its work encompasses capacity assessment and capacity building projects and training and consultancy. In 2012, ICAEW contracted to run the Audit Quality Monitoring programme in the Cayman Islands on behalf of CISPA and, most MR. PAUL SIMKINS

recently, signed an agreement with the Gulf Co-operation Council Accounting and Auditing Organisation to develop a Gulf Monitoring Unit. Paul trained with Thomson McLintock (now KPMG) and held senior finance roles/directorships in service and manufacturing businesses, most recently with the British Standards Institution, before joining ICAEW.

AIRPORT INFORMATION GAIA is Barbados’ only airport and the aviation hub of the Eastern Caribbean, handling daily flights to and from the other Caribbean islands connecting to major cities in the US, Canada, UK and Europe. Nonstop flights occur daily to London, Toronto, New York, and Miami as well as to most of our Caribbean neighbours. GAIA is located in the south-east of the island, along the Adams-Barrow-Cummins Highway, just half an hour’s journey to the spectacular west coast beaches. South coast and city destinations are all minutes away by car or public transport.

ENTRY REQUIREMENTS FOR BARBADOS A valid passport and a valid return ticket are now mandatory for all visitors to Barbados. This is regardless of nationality and now includes Americans and Canadians. All arriving visitors are required to supply Barbados immigration with the full address of where they will be staying to be allowed entry into the island. Visitors to Barbados are asked to observe that in addition to airline and air travel regulations there are strict and enforced regulations on certain items which may not be brought into the island. These items are prohibited by law and penalties may be enforced.

Please take note and follow these guidelines below:

Duty-Free The government of Barbados allows that travellers into the island can bring a certain amount of items free of normal customs duty charges. For locals, this allowance is limited to a yearly value of no more than $500 Bds. Please note that tobacco products are no longer allowed duty free. Each individual over 18 years of age is allowed duty free: 1 litre of spirits and 1 litre of wine. 60ml of perfume and 300ml of all other scents. Gifts up to a value of BD$100  

Prohibited Imports These items are prohibited and may not be brought into the island: Foreign rum and matches, pornography, fresh fruit and vegetables (unless grown in or conveyed through certain areas, and with requisite permission: contact the Ministry of Agriculture and Consumer Affairs for further information), and articles made of camouflage material.

GENERAL SECURITY REMINDERS Remember, whether you are arriving or departing from Grantley Adams International Airport, all baggage and vehicles are subject to search at any time. Do not leave bags unattended. They will be confiscated and may be destroyed. If you notice an unattended item or suspicious activity, immediately report it to airport security personnel. While on the island due care and attention should be given to one’s safety. Please avoid the display of large sums of cash or excessive jewelry in public places, and adhere to all security guidelines provided by the Hotel and Conference planning committee.

About Barbados BUSINESS HOURS Shops in Bridgetown are open Monday to Friday from 8:30 a.m. - 4:30 p.m. and 8:30 a.m. - 1:00 p.m. on Saturdays. Malls and out-of-town shops and boutiques usually open from 9:00 a.m. - 5:00 p.m. (Monday to Friday) and 9:00 a.m. - 2:00 p.m. on Saturdays. Most shops are closed on Sundays, although some supermarkets and convenience stores remain open.

ELECTRICITY 115/230 volts 50 cycle. Many hotels provide converters for European or Asian appliances. North American appliances will not need converters.

TIME DIFFERENCE 4 hours behind GMT in the winter and 5 hours in the summer. 1 hour ahead of US Eastern Standard Time (EST) in the winter and the same during US Daylight Saving Time.

TAXES/TIPPING 17.5% VAT (Value Added Tax) is included in all prices in shops, supermarkets and restaurants. In hotels, 7.5% VAT and 10% service charge will be added to your bill. Usually 10% - 15% is acceptable when tipping - many restaurants automatically add a 10% service charge to your bill, so you would be wise to check before tipping additionally.

CURRENCY The Barbados dollar is tied to the US dollar at a fixed rate of US$1.00 = BDS$1.98. WATER The water service in Barbados is reliable and the water supply is safe and refreshing to drink straight from the tap.

TAXIS Taxis in Barbados are not metered; fares are set between certain points. It is always advisable to agree on a price with the driver before setting out.

Icac online booklet 2013  

ICAC Conference, ICAC