Question

Which Body Should Set Accounting Standards in the Caribbean? Should Each Individual Territory be Able to Determine Which Individual Standards they are Willing to Accept?

Argument:

Argument 1:    Argue that international bodies such as IFAC and the IASB should set accounting standards in the Caribbean. Identify four perceived benefits which flow to a country that adopts international accounting standards. Identify some of the consequences of not adopting international accounting standards.

Argument 2: Argue that regional and local bodies such as ICAC/ICAB/ICAJ/ICAG, etc. should set accounting standards in the Caribbean. Identify four perceived benefits which may flow to a country that designs their own accounting standards. Identify some of the consequences associated with adopting international accounting standards for undeveloped economies.

Answer 1

for international financial services sectores accounting standards formed by survey

nearly 60 percentage of Caribbean countries are adopting national accounting standards based on IPSAS .

remaining 40percentages implement through accrual practice and reform expectations .IFAC has been a driver of change in the Caribbean to modernization accounting systems and move toward more efficient and transparent public financial management. In collaboration with regional and national professional accountancy organizations in the Caribbean, IFAC works to promote conferences, train, and develop cooperation agreements,” said Fayez Choudhury, IFAC CEO. ”The study also suggests that most countries in the Caribbean recognize the importance of high-quality, reliable, and transparent public financial accounting and reporting arrangements and are gradually implementing reforms to achieve these desired outcomes.

About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies.

so from the above information as we observation in Caribbean countries can't make alone accounting standard for each regional