The Institute of Chartered Accountants of the Caribbean (ICAC) and IFAC held a joint workshop on June 21, 2017 in Guyana with representatives from 10 professional accountancy organizations in the region. Participants gathered together with the twin objectives of examining the role of the accountant in a changing world along with the trends (technological, economic, social, etc.) impacting the profession and tomorrow’s accountant as well as to discuss the challenging issues facing the accountancy profession and the future-readiness of today’s accountant and professional accountancy organizations.

1. Disruptive Trends
Affecting Caribbean Accountancy Profession
- Staying Ahead of the Curve
Wednesday June 21, 2017
Anthony P Pierre
Vice President - ICAC

2. • Evolving smart and digital technology
• Continued globalization impact on
reporting/disclosure standards
• New forms of regulation
Disruptive Trends
Affecting Caribbean Accountancy Profession

3. Evolving smart and digital technology
• Accountants will need to use increasingly
sophisticated and smart technologies to enhance
their traditional ways of working, and these
technologies might even replace the traditional
approach
• Smart software systems (including cloud
computing) will support the trend toward
outsourcing services (including more overseas
outsourcing), and greater use of social media via
smart technology will improve collaboration,
disclosure, engagement with stakeholders and
broader communities

4. Continued globalization
- Impact on reporting/disclosure standards
• Continued globalization will create more
opportunities and challenges for members of
the accounting profession.
• While globalization encourages the free flow of
money from one capital market to another,
enhanced overseas outsourcing activities and
the transfer of technical and professional skills
will simultaneously continue to pose threats to
resolving local problems (with different
cultural, financial and tax systems).

5. • Increased regulation, and the associated
disclosure rules, will have the greatest
impact on the profession for years to
come
• For example, increased regulation is
imminent because of massive tax
avoidance, transfer pricing, and money
laundering
New forms of regulation

6. • Because of the widespread stakeholder concern
and associated regulations toward social and
environmental considerations, contemporary
organizations are facing challenges to find
sustainable solutions to deal with the complexity
of integrating financial, social, and environmental
performance
• Quite tied to this, new forms of regulation such as
integrated reporting and supply chain
transparency disclosures, are emerging and
members of accounting organizations are already
engaged in this transformation
New forms of regulation

7. Implications for Training and CPD
Future accountants will increasingly need
education in:
1.Digital technology (including cloud computing
and use of big data),
2.Globalization (outsourcing of accounting
services), and
3.Evolving regulations (tax regulation, new forms
of corporate reporting, integrated reporting
regulation, and so on).

8. Implications for Research
Big accounting firms are conducting surveys on
cloud computing, big data, technological change,
new forms of fraud and corruption, and
corporate sustainability in order to address the
ongoing and future opportunities and challenges
facing the profession.
KPMG, for example, has produced survey reports
on cloud computing, fraud/corruption/bribery,
corporate sustainability and Integrated
Reporting.

9. Economic Disruption in The Caribbean
Caribbean
Economies
experienced
another
challenging year
Double-digit
unemployment
across the
majority of the
Caribbean
States remains
an area of
concern for the
Region
Trade performance
in the Region was
once again in 2016
dominated by weak
commodity prices
An economic
recovery of
1.7% is projected
for 2017. This is
predicated on
a return to positive
growth in Trinidad
and Tobago
Improvements in
the agriculture
sector are projected
for Grenada and
Jamaica
Growth in
tourism is
projected in the
Region for 2017

10. Economic Disruption in The Caribbean
Caribbean
Economies
experienced
another
challenging year
Double-digit
unemployment
across the
majority of the
Caribbean
States remains
an area of
concern for the
Region
Trade performance
in the Region was
once again in 2016
dominated by weak
commodity prices
An economic
recovery of
1.7% is projected
for 2017. This is
predicated on
a return to positive
growth in Trinidad
and Tobago
Improvements in
the agriculture
sector are projected
for Grenada and
Jamaica
Growth in
tourism is
projected in the
Region for 2017