Turks and Caicos Islands leads the way implementing international accounting standards
Leading global accountancy body works with island’s social insurance and pension provider to achieve public financial management reform
The Turks and Caicos Islands National Insurance Board (TCINIB) has completed the first phase of a major project to adopt international public sector accounting standards (IPSAS).
Backed by ACCA Consults – the specialised international development, capacity-building and public-sector consulting arm of ACCA (the Association of Chartered Certified Accountants) – TCINIB is helping to set a path which other public sector bodies on the islands will follow.
TCNIB is the statutory social insurance institution for the Turks and Caicos Islands, responsible for administering retirement, invalidity, unemployment, maternity, sickness and survivor benefits.
The Government of the Turks and Caicos Islands has committed to wider IPSAS adoption across the public sector by 2030. TCINIB chose to begin its transition early, demonstrating leadership in public financial management reform, ahead of the mandatory IPSAS adoption deadline of 2030.
Felicity Rylands, Specialist Programmes Manager, ACCA Consults, said: ‘Successful public financial management reform starts with leadership, and TCINIB has shown exactly that. By taking early action towards IPSAS adoption, the organisation is positioning itself at the forefront of financial reporting reform in the Turks and Caicos Islands.
‘This project has delivered more than a roadmap. It has built understanding, capability and momentum for change. We are excited to continue supporting TCINIB as it translates ambition into action and advances international best practice in public sector reporting.’
At the end of the project TCNIB had:
- A clear understanding of IPSAS implications
- An evidence-based assessment of current readiness
- Stakeholder consensus on the transition approach
- A practical implementation roadmap
- Improved internal capability and understanding
- IPSAS reporting templates and disclosure guidance
- A structured pathway towards IPSAS compliance.
Esther-Ann Harvey, CPA, Financial Controller, TCNIB, said: ‘We recognised that waiting for mandatory implementation was not the right approach. TCINIB wanted to understand what world-class public sector financial reporting looks like and begin preparing now.
‘This project has provided us with the insight, tools and direction needed to move forward with confidence. It reinforces our commitment to modern financial management and positions TCINIB to play a leading role in the Islands’ transition towards IPSAS.’
Together with the ACCA Caribbean office, ACCA Consults is working on other projects in the Caribbean, largely focused on IPSAS, supporting the strengthening of public sector finance.
