Institute of Chartered Accountants of Jamaica

ICAJ was established in 1965, three years after Jamaica gained its independence.

The 1968 Public Accountancy Act was the statute for the incorporation of the ICAJ.

In July 1980 the institute bought its property at 8 Ruthven Road, Kingston for the ICAJ headquarters.

The ICAJ Secretariat facilities were formally opened on 18 January 1995.

The ICAJ Code of Ethics was approved by Council in July 2000.

ICAJ was designated the sole official agent of the Public Accountancy Board by the Ministry of Finance on 7 March 2001.

In the early 2000s there were well-publicized failures of companies such as Enron and Worldcom in the United States, and Parmalat in Europe. ICAJ came under pressure to ensure that Jamaican companies could not have similar problems, which should have been caught by auditors. In October 2002 ICAJ announced that it was embarking on a financial system improvement project that would strengthen the enforcement and compliance framework of the accountancy profession in Jamaica and ensure that investors received accurate information.{{cite web

|url=http://jamaica-gleaner.com/gleaner/20021031/business/business1.html

|title=ICAJ embarks on financial system improvement project

|work=Jamaica Gleaner

|date=2001-10-31

|access-date=2011-07-02}}

In November 2004 there was a proposal to make changes to the Money Laundering Act.

According to the opposition, these would give the minister of finance the right to "violate the secrecy laws without any reference to the courts which is the only saving grace between individuals, companies and the overwhelming power of the state".

ICAJ president Linroy Marshall said his organization had not been consulted on the proposal, but expressed serious concern about any move to violate confidentiality between an accountant and their client.{{cite web

|url=http://www.jamaicaobserver.com/news/69502_Strong-opposition-to-proposed-changes-to-Money-Laundering-Act

|work=Jamaica Observer

|title=Strong opposition to proposed changes to Money Laundering Act

|author=Balford Henry

|date=November 14, 2004

|access-date=2011-07-02}}

In June 2003, and again in June 2011, ICAJ hosted the ICAC annual meeting. Attendance grew from 300 in 2003 to over 900 in 2011.{{cite web

|url=http://jamaica-gleaner.com/gleaner/20110701/social/social1.html

|title=Caribbean Conference Of Accountants Party Like Pirates

|date=July 1, 2011

|work=Jamaica Gleaner

|access-date=2011-07-02}}

On 1 July 2002 ICAJ adopted International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as Jamaica's national accounting and auditing standards.

The Inter-American Development Bank (IDB) provided funding for a three-year program to implement and ensure compliance with these standards.

The move brought Jamaica in line with European standards, but at first meant that companies filing their financial reports with the U.S. Securities and Exchange Commission (SEC) would have to reconcile their figures to Generally Accepted Accounting Practices (GAAP) and highlight the differences from IFRS. In June 2007 the SEC allowed companies to file using IFRS, removing the burden of reconciliation.{{cite web

|url=http://jamaica-gleaner.com/gleaner/20070623/business/business1.html

|title=Comparing financial results in different countries

|date=June 23, 2007

|work=Jamaica Gleaner

|author=Raphael Gordon

|access-date=2011-07-02}}

A long-standing agreement with the Association of Chartered Certified Accountants (ACCA) allows ICAJ to administer local examinations for the ACCA qualifications.

In October 2001 ICAJ signed an agreement with the Association of Accounting Technicians (AAT) for ICAJ to provide services to AAT students locally.

In January 2005, ICAJ and the University of the West Indies (Mona Campus) signed an agreement to review and monitor the university's MSc Accounting program to ensure it meets international standards.

In June 2006, ICAJ signed an agreement with Certified General Accountants of Canada to recognize the CGA designation as an entry qualification for accounting students. This was in line with ICAJ's goal for accountants to be mobile within the region and for Jamaica to stay competitive within the Caribbean Single Market.{{cite web

|url=http://jamaica-gleaner.com/gleaner/20061005/business/business5.html

|title=Canadian accountancy certification accepted in Jamaica

|date=October 5, 2006

|work=Jamaica Gleaner

|author=Nicholas Richards

|access-date=2011-07-02}}

The CARICOM Single Market and Economy agreement would allow Jamaicans to work in other member states, but not to transfer their pensions. The ICAJ was involved in discussions on how to make pensions portable.{{cite web

|url=http://jamaica-gleaner.com/gleaner/20060123/carib/carib2.html

|title=Pensions not in scheme with CARICOM Single Market (CSM)

|date=January 23, 2006

|work=Jamaica Gleaner

|author=Susan Gordon

|access-date=2011-07-02}}

ICAJ is a member of the International Federation of Accountants (IFAC).{{cite web

|url = http://www.ifac.org/About/2009-annual-report/ifac/members_and_associates/members2.html

|title = IFAC's Members

|publisher = IFAC

|access-date = 2011-07-01

|url-status = dead

|archive-url = https://web.archive.org/web/20101219020605/http://www.ifac.org/About/2009-annual-report/ifac/members_and_associates/members2.html

|archive-date = 2010-12-19

}}

ICAJ is also a member of the Institute of Chartered Accountants of the Caribbean (ICAC).{{cite web

|url=http://www.icac.org.jm/index.php?option=com_content&task=view&id=14&Itemid=28

|title=Members And Affiliates

|publisher=ICAC

|access-date=2011-07-01

|archive-url=https://web.archive.org/web/20120326112351/http://www.icac.org.jm/index.php?option=com_content&task=view&id=14&Itemid=28

|archive-date=2012-03-26

|url-status=dead

}}

{{Reflist |refs=

{{cite web

|url=http://icaj.org/index.php/about-icaj-mainmenu-79/history-mainmenu-78

|title=About ICAJ

|publisher=ICAJ

|access-date=2011-07-02

|archive-url=https://web.archive.org/web/20110726165223/http://icaj.org/index.php/about-icaj-mainmenu-79/history-mainmenu-78

|archive-date=2011-07-26

|url-status=dead

}}

}}

{{IFAC Members}}

{{Authority control}}

Category:Member bodies of the International Federation of Accountants