Trinidad and Tobago
| Extent of IFRS application | Status | Additional Information |
|---|---|---|
| IFRS Accounting Standards are required for domestic public companies | Required. | |
| IFRS Accounting Standards are permitted but not required for domestic public companies | ||
| IFRS Accounting Standards are required or permitted for listings by foreign companies | Required. | |
| The IFRS for SMEs Accounting Standard is required or permitted | Permitted. | |
| The IFRS for SMEs Accounting Standard is under consideration |
Profile last updated: 16 June 2016
Trinidad and Tobago
RELEVANT JURISDICTIONAL AUTHORITY
Organisation
Institute of Chartered Accountants of Trinidad and Tobago (ICATT)
Role of the organisation
The ICATT was established by an Act of Parliament: the Institute of Chartered Accountants of Trinidad and Tobago (Incorporation) Act, 1970. The Council of the ICATT has authority to set accounting standards in Trinidad and Tobago. The Institute's Auditing & Accounting Standards Committee advises the Council with respect to accounting standards.
Website
Email contact
COMMITMENT TO GLOBAL FINANCIAL REPORTING STANDARDS
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Yes.
Article 96 of the Rules of the Institute states:
“Council shall be empowered to adopt such of the International Accounting Standards as it sees fit from time to time, as the minimum recommended standards for accounting and disclosure of financial statements in Trinidad and Tobago and shall be empowered to amend such standards as it shall see fit.”
To date the Council of the Institute has adopted IFRS Standards and the IFRS for SMEs Standard without amendment.
Has the jurisdiction made a public commitment towards IFRS Accounting Standards as that single set of high quality global accounting standards?
Yes.
See above.
What is the jurisdiction’s status of adoption?
Trinidad and Tobago has adopted IFRS Standards and the IFRS for SMEs Standard.
Additional comments provided on the adoption status?
There are no other national accounting standards in Trinidad and Tobago.
If the jurisdiction has NOT made a public statement supporting the move towards a single set of accounting standards and/or towards IFRS Accounting Standards as that set of standards, explain the jurisdiction's general position towards the adoption of IFRS Accounting Standards in the jurisdiction.
Not applicable.
EXTENT OF IFRS APPLICATION
For DOMESTIC companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some domestic companies whose securities trade in a public market either required or permitted to use IFRS Accounting Standards in their consolidated financial statements?
Yes.
If YES, are IFRS Accounting Standards REQUIRED or PERMITTED?
IFRS Standards are required.
Does that apply to ALL domestic companies whose securities trade in a public market, or only SOME? If some, which ones?
All.
Are IFRS Accounting Standards also required or permitted for more than the consolidated financial statements of companies whose securities trade in a public market?
Yes.
For instance, are IFRS Accounting Standards required or permitted in separate company financial statements of companies whose securities trade in a public market?
IFRS Standards are required in the separate financial statements of companies whose securities trade in a public market.
For instance, are IFRS Accounting Standards required or permitted for companies whose securities do not trade in a public market?
Companies whose securities do not trade in a public market may use either IFRS Standards or the IFRS for SMEs Standard.
If the jurisdiction currently does NOT require or permit the use of IFRS Accounting Standards for domestic companies whose securities trade in a public market, are there any plans to permit or require IFRS Accounting Standards for such companies in the future?
Not applicable.
For FOREIGN companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some foreign companies whose securities trade in a public market either REQUIRED or PERMITTED to use IFRS Accounting Standards in their consolidated financial statements?
Yes.
If YES, are IFRS Accounting Standards REQUIRED or PERMITTED in such cases?
IFRS Standards are required.
Does that apply to ALL foreign companies whose securities trade in a public market, or only SOME? If some, which ones?
All.
IFRS ENDORSEMENT
Which IFRS Accounting Standards are required or permitted for domestic companies?
IFRS Standards as issued by the Board.
The auditor’s report and/or the basis of presentation footnote states that financial statements have been prepared in conformity with:
IFRS Standards.
Does the auditor's report and/or the basis of preparation footnote allow for ‘dual reporting’ (conformity with both IFRS Accounting Standards and the jurisdiction’s GAAP)?
No. There is no jurisdictional GAAP other than IFRS Standards.
Are IFRS Accounting Standards incorporated into law or regulations?
No.
If yes, how does that process work?
Not applicable.
If no, how do IFRS Accounting Standards become a requirement in the jurisdiction?
As noted above, ICATT has statutory authority to set accounting standards in Trinidad and Tobago. By adopting IFRS Standards and the IFRS for SMEs Standard, the Council of the Institute has made IFRS Standards a requirement in Trinidad and Tobago.
Does the jurisdiction have a formal process for the 'endorsement' or 'adoption' of new or amended IFRS Accounting Standards (including Interpretations) in place?
No.
If yes, what is the process?
Not applicable.
If no, how do new or amended IFRS Accounting Standards become a requirement in the jurisdiction?
They become applicable automatically because the ICATT Council has adopted IFRS Standards as the national standards.
Has the jurisdiction eliminated any accounting policy options permitted by IFRS Accounting Standards and/or made any modifications to any IFRS Accounting Standards?
No.
If yes, what are the changes?
Not applicable.
Other comments regarding the use of IFRS Accounting Standards in the jurisdiction?
None.
TRANSLATION OF IFRS ACCOUNTING STANDARDS
Are IFRS Accounting Standards translated into the local language?
No. The English language Standards are used.
If they are translated, what is the translation process? In particular, does this process ensure an ongoing translation of the latest updates to IFRS Accounting Standards?
Not applicable.
APPLICATION OF THE IFRS FOR SMEs ACCOUNTING STANDARD
Has the jurisdiction adopted the IFRS for SMEs Accounting Standard for at least some SMEs?
Yes.
If no, is the adoption of the IFRS for SMEs Accounting Standard under consideration?
No.
Did the jurisdiction make any modifications to the IFRS for SMEs Accounting Standard?
No.
If the jurisdiction has made any modifications, what are those modifications?
Not applicable.
Which SMEs use the IFRS for SMEs Accounting Standard in the jurisdiction, and are they required or permitted to do so?
All SMEs are permitted to use the IFRS for SMEs Standard.
For those SMEs that are not required to use the IFRS for SMEs Accounting Standard, what other accounting framework do they use?
Those SMEs that do not use the IFRS for SMEs Standard are required to use full IFRS Standards.
Other comments regarding use of the IFRS for SMEs Accounting Standard?
None.
