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ICAEC – Raising the Standard of the Accounting Profession

THE Institute of Chartered Accountants of the Eastern Caribbean (ICAEC) – St. Lucia branch, in fulfilling its mandate to continuously raise the standard of the accounting profession in St. Lucia, hosted a one-hour webinar on Thursday April 22nd, 2021 entitled “Property Valuations for Financial Statement Reporting Purposes” focusing on the different valuation methodologies, the valuation inputs, the information that should be documented in a valuation report, and the circumstances under which the different methodologies are appropriate.

The ICAEC wishes to offer kind compliments to BCQS International for facilitating the event at no charge to participants. The event was attended by accountants and valuers from a broad spectrum of industries in St Lucia and the Eastern Caribbean.

In her opening remarks, the president of the ICAEC – Mrs. Andrea St Rose explained that the webinar was timely as ICAEC had been receiving complaints from members over the quality of valuation reports for financial statement reporting purposes that were being issued by valuers throughout the EC region. These property valuations, she explained, can have a significant impact on the financial results of an entity and as such should meet the requirements of international standards. The Eastern Caribbean Central Bank (ECCB) has also expressed its own concerns regarding property valuations, given the impact it has on financing decisions of Banks and other financial institutions, and has issued guidelines in that regard. The guidelines may be accessed on the ECCB website.

The presentation was conducted virtually with over 120 participants, and the ICAEC hopes that this will translate to an improvement in the quality of the valuation reports that are issued by valuers throughout the region.

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