Trinidad and Tobago

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Financial Reporting Framework in Trinidad and Tobago

Trinidad and Tobago adopts the IFRS for SMEs

In February 2010, the Institute of Chartered Accountants of Trinidad and Tobago (ICATT) adopted the IFRS for Small and Medium-sized Entities, as issued by the IASB, for use in Trinidad and Tobago for financial statements effective immediately, including for 2009 and prior periods. ICATT's announcement said that "the adoption of this Standard impacts the majority of the entities in Trinidad and Tobago and would simplify the level of accounting and auditing requirements for qualifying entities choosing to implement the Standard." Prior to adoption of the IFRS for SMEs, all SMEs in Trinidad and Tobago used full IFRSs. Now, SMEs may choose either the IFRS for SMEs or full IFRSs. Click for Adoption Notice (PDF 336k).

Correction list for hyphenation

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