On October 27, 2025, more than 300 public finance professionals gathered for a webinar on Public Sector Reporting in the Caribbean — an event hosted by the Institute of Chartered Accountants of the Caribbean (ICAC), the IPSASB, and the World Bank. What emerged was a clear and urgent message: Caribbean governments must accelerate the shift to accrual-based accounting using International Public Sector Accounting Standards (IPSAS) to enhance decision-making, public accountability, and long-term fiscal sustainability.

 

Opening slide of the Cash Basis Accounting presentation from IPSASB

As Natika Bain-Charles, Grenada Accountant-General, emphasized, “While most Caribbean countries implemented the IPSAS Cash-Basis reporting, it is grossly inadequate to remain there. We must move to accrual accounting by adopting IPSAS Standards fully to enhance the quality of information provided for decision-making, accountability and transparency.”

This shared conviction set the tone for an important conversation, one that connected the Caribbean’s progress, challenges, and opportunities for leadership in  public sector financial reporting reform.

Why This Transition Matters Now

The IPSASB is currently developing sustainability reporting standards tailored for the public sector,  standards that will require governments to disclose critical information on climate risks, sustainability-related financial impacts, and long-term resilience. The first standard, IPSASB SRS 1, Climate-Related Disclosures, was approved in December 2025 and is expected to be published in early 2026. As governments worldwide prepare to integrate sustainability and financial reporting, the Caribbean’s shift toward full accrual becomes even more important.

Globally, momentum is building. According to the International Public Sector Financial Accountability Index 2025, published by IFAC and CIPFA, 56% of jurisdictions are expected to report on an accrual basis by 2030, and 81% of those will use IPSAS Standards directly or through adapted national standards.

In contrast, Caribbean adoption has been slower. While several countries use cash-based IPSAS Standards or partial accrual reporting today, only 23% currently report fully on an accrual basis. This is projected to rise to 51% by 2030, but delays in preparing annual financial statements and longstanding reporting backlogs continue to impede progress.

During the webinar, participants posed a critical question: What practical steps can governments take to speed up the implementation of IPSAS Standards?

Their answers converged around five essential pillars:

  1. Strengthen Collaboration and Peer Learning

    Across the discussion, collaboration emerged as the single most important catalyst for progress. Participants reaffirmed the decision made during the May 2025 Caribbean Dialogue in Peru to establish a Caribbean Accountant-General Network, a regional platform to share practical experiences; develop implementation roadmaps, tools, and guidelines; build technical capacity (including peer learning); and influence global standard-setting through a unified voice. 

    Development Partners, Professional Accountancy Organizations (PAOs), and Supreme Audit Institutions were recognized as key contributors to this collaborative ecosystem. IPSASB representatives also committed to sharing a compendium of resource materials to support the region, which can be accessed here.
     
  2. Anchor IPSAS Standards in National PFM Reform Agendas

    For accrual reform to take root, it must be embedded within broader public financial management (PFM) reform frameworks. This ensures political commitment, consistent prioritization, and sustained funding.

    As ICAC President Sixto Coy noted, “PFM is not just compliance; it is about trust. Accurate, comprehensive, and transparent information is key to achieving and maintaining this trust.”

    Accrual-based IPSAS Standards contribute directly to improved resource allocation, stronger service delivery, and greater accountability, making it a natural pillar of national PFM strategies.
     
  3. Develop a Country-Specific IPSAS Standards Implementation Roadmap

    A structured, consultative roadmap is indispensable for successful and sustainable  implementation. Effective roadmaps should include:

    Foundational elements 
     • Appointment of a project champion
     • Identification of the lead institution and coordinating secretariat 
     • Establishment of a multi-stakeholder implementation committee 

    Key Technical and operational pillars 
     • Reviewing and updating legal frameworks to mandate implementation 
     • Assessing and upgrading financial management information systems to record accrual transactions 
     • Designing reforms to identify, value, and record assets and liabilities 
     • Revising internal controls and operational procedures 
     • Implementing effective change management strategies 
     
  4. Invest in Human Capital and Sustainable Capacity Building

    Successful implementation of IPSAS Standards requires significant investment in people. Governments must answer key questions: (a) Do we have enough qualified staff?   (b) What new skills are required?   (c) How will job profiles and responsibilities change?   (d) What capacity-building initiatives will be put in place?

    Partnerships are essential. PAOs can help design and deliver training programs, support technical inquiries, and develop practical tools and manuals. Governments may also engage consulting firms to complement internal capacities.

    The proposed Caribbean Accountant-General Network can also serve as a regional hub for shared training, including potential partnerships with institutions such as the University of the West Indies.
     
  5. Secure Adequate Budget and Funding
    No reform succeeds without sustained financial support. Governments should estimate resource needs, allocate appropriate budgets, and, where necessary, seek targeted technical assistance from Development Partners.

A Call to Action

Joseph Kizito, World Bank Practice Manager, issued a powerful challenge to participants: “Actively champion initiatives that raise awareness of these standards, influence policymakers to adopt them, support the rollout, and play a role in their development. Be influencers, not just users.”

The direction is clear. The mission is set. Now is the time for Caribbean governments, not individually, but collectively, to accelerate progress, build momentum, and strengthen public sector accountability through full adoption of accrual-based IPSAS Standards.

David Simpson

David Simpson is Chief Executive Officer of the Institute of Chartered Accountants of the Caribbean (ICAC), an IFAC Network Partner. He previously served as the president of ICAC from 2021 to 2023 and has a long-standing relationship with the organization. Simpson is committed to fostering collaboration among ICAC members to achieve their goals, including developing a robust strategic plan to address immediate challenges and position the organization as a thought leader in the accounting field.

Dave
Dave Warren

Director, IPSASB

Dave works with the IPSASB staff team to deliver the Board’s work program developing International Public Sector Accounting Standards (IPSAS) and sustainability reporting standards. Dave acts as a resource and source of advice for the Board Chair and establishes and maintains relationships with key stakeholders.

Prior to this role, Dave was a Principal with the IPSASB where he worked on several projects including financial instruments, measurement, and revenue.

Prior to joining the IPSASB, Dave worked for several years for big-4 accounting firms in Canada. During that time, he worked on complex accounting transactions as part of the accounting firm’s professional practice.

 

 

Alex Metcalfe standing, arms crossed
Alex Metcalfe

Principal Consultant, IPSASB

BA Hons, MSc Oxon, MPhil Cantab, FRSA

Alex is engaged as a Principal Consultant with the IPSASB, supported by World Bank funding, to develop public sector reporting standards focused on climate-related disclosures.

Previously, Alex worked at the Association of Chartered Certified Accountants (ACCA), where he led the global accountancy body’s public sector strategy. He concluded his tenure at ACCA with an internal secondment to the Strategy Leadership Team. In this role, he developed the organization’s sustainability strategy, increased the maturity of its net zero approach, and produced the organization’s ISSB implementation roadmap. Earlier in his career, Alex worked across central, provincial and local government in the UK and Canadian civil service, including as a Senior Economist - specializing in tax policy - at the Ontario Ministry of Finance.

Alex is a Fellow of the Royal Society for the Encouragement of Arts, Manufactures and Commerce (RSA). He studied at Oxford, Cambridge and Queen's universities.

Patrick Kabuya

Senior Governance Specialist, World Bank

Patrick, who is based in Washington, DC, coordinates efforts to enhance public financial management, strengthen the accountancy profession, and oversee financial management responsibilities for World Bank–funded projects in Caribbean countries.

He is recognized as a leader in governance, with expertise spanning public financial management, corporate governance, digital technology, sustainability reporting, integrated reporting, and the development of the accountancy profession. Patrick has contributed to various projects across the globe aimed at advancing reforms in these areas.

Patrick is a Chartered Accountant (CA, South Africa), a Fellow Certified Public Accountant of Kenya (FCPAK), a Fellow of the Association of Certified Chartered Accountants (ACCA), and a Fellow of the African Leadership Initiative (a member of the Aspen Global Leadership Network). He has served in several leadership positions: Board member of the Institute of Directors of Southern Africa (IoDSA), Chairman of NEPAD Business Foundation Audit Committee, member of Cricket South Africa Audit Committee, Chairman of Institute of Certified Public Accountants of Kenya (ICPAK) South Africa Chapter, amongst others.

Before joining the World Bank Group in 2009, Patrick worked at EY in both Nairobi, Kenya and Johannesburg, South Africa, as well as at the South African Institute of Chartered Accountants (SAICA).

Explore More On...