ACCA strengthens local, regional partnerships

The Association of Chartered Certified Accountants (ACCA) is seeking to further strengthen its partnerships in Trinidad and Tobago and the wider Caribbean.

Speaking with Business Day on Monday, visiting ACCA president Joseph Opeyemi Owolabi said the local membership works closely with government agencies, employers and private partners by facilitating training, creating awareness of best practices around international reporting, compliance, capacity building and collaborating on various initiatives.

Owolabi assumed the role of ACCA’s global president and chairman of their board, last November.

He is also the CEO of his own firm, Rubicola Consulting, a green finance advisory company.

With over 20 years of experience, he has made significant contributions to the profession as a champion for the implementation of International Financial Reporting Standards (IFRS) across Africa, new accounting standards and the issuance of the first sovereign green bond in an emerging market.

Visiting Trinidad and Tobago for the first time, Owolabi said he intends to meet and engage with various stakeholders and partners.

He will also be meeting the ACCA membership, which has over 5,000 active members regionally.

Public-private sector partnerships

Owolabi said, through the International Public Sector Accounting Standards (IPSAs), the local membership is helping stakeholders deepen financial management as well as financial reporting.

“We have quite a healthy and fruitful relationship with the government, public and private sector. Whether it’s a type of reform or training needed, ACCA has been very proactive,” he said.

The ACCA membership, through the Institute of Chartered Accountants of Trinidad and Tobago (ICATT), is also part of the discussions on the establishment of the TT Revenue Authority.

“We can work with the government in two major ways: either you are contracted by them as an adviser or by contributing towards policy. We do both,” he added.

Trinidad and Tobago blacklisted by EU

Owolabi said TT being put on the EU blacklist owing to non-compliance is not an isolated issue.

“We are trying to work with the players, in this case ICATT, to share best practices. We just concluded the 40th conference of the Institute of Chartered Accountants in the Caribbean (ICAC) in Grenada last week, where the issue of EU and CSRT, which is a requirement for disclosure, was raised.”

He added that through its global office, ACCA is working with governments around Europe on these indicators, which will come into effect soon. This will include new updates and directives, which will have a ripple effect for Trinidad and Tobago and the region.

“We are happy to assist through our local or global office with these local requirements.”

Academic partnerships

ACCA is the global body for professional accountants. It boasts a global community of 241,000 members and 542,000 future members based in 178 countries and regions, who work across a wide range of sectors and industries.

In Trinidad and Tobago, it partners with various academic and professional institutions from the grassroots levels. At present, there are three approved learning partners: SBCS, SAC and Abraham Accountancy Training.

Owolabi added that ACCA has a long-standing relationship with UWI and is looking to finalise a memorandum of understanding (MoU) which is in the pipeline.

At the secondary school level, ACCA has a MoU with the Caribbean Examination Council (CXC) which focuses on awareness creation, capacity-building, an internship programme and recognition of the top performers in the CSEC and CAPE accountancy exams across the region. This agreement is now up for renewal and being reviewed to determine how it can be expanded and have an even greater impact in the future.

Sustainability and green financing

With a wealth of knowledge in green financing, Owolabi said emerging economies like the Caribbean need to quickly grasp what sustainable finance and green finance mean.

“With so many developmental needs such as infrastructure deficit and social needs that the government will clearly not be able to finance. Green bonds offer an opportunity to address this. The proceeds from these bonds are dedicated to eligible assets.”

He added that ACCA has also developed a course which will allow members and partners the opportunity to up-skill in this area.