The Association of Chartered Certified Accountants (ACCA) has announced that the Turks and Caicos Islands National Insurance Board (TCINIB) has finished the first stage of an initiative that involves implementing International Public Sector Accounting Standards (IPSAS).
The work was supported by ACCA Consults, the body’s specialist international development, capacity-building and public sector advisory arm.
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Through the initiative, TCINIB is establishing a model intended for adoption by other public sector entities across the territory, the ACCA statement said.
TCINIB functions as the statutory social insurance organisation for the Turks and Caicos Islands, handling invalidity, maternity, retirement, sickness, survivor and unemployment benefits.
The move comes after the Government of the Turks and Caicos Islands set a 2030 target for the broader rollout of IPSAS across its public sector.
TCINIB elected to start the process early, ahead of the official 2030 implementation requirement.
By the end of the engagement, the TCINIB board gained an understanding of the accounting standards and their operational effects.
TCINIB also received an assessment of existing readiness, built consensus among stakeholders on the transition approach, and had a structured implementation plan with better internal capability and understanding.
At the close of the initiative, TCINIB also received standardised reporting templates and guidance on disclosures to facilitate ongoing compliance.
TCNIB financial controller Esther-Ann Harvey said: “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.”
ACCA Consults, working alongside ACCA’s Caribbean branch, is carrying out further projects in the region that focus primarily on IPSAS and the management of public sector finances.
ACCA Consults Specialist Programmes manager Felicity Rylands said: “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 road map. It has built understanding, capability and momentum for change.”
