Last week on April 05th, 2018 local United States Certified Public Accountants (U.S. CPAs) held a unique event in Avila Beach hotel – Curacao, Willemstad emphasizing the need for more local U.S. CPA’s in the Dutch Caribbean and Suriname including steps to strengthening their position within these regions. This was a unique event opened by the U.S. Consul General to Curacao Mrs. Margaret Hawthorne who emphasized the importance of a strong relationship between the U.S and our local economies. Curacao is in need for more U.S. investors who can embolden our small scaled economy. More “local” U.S. CPAs will build international Trust, Opportunity, Prosperity and will protect the public interest providing the same of level of trust expected by the largest U.S. investors.
Regulations such as the Foreign Account Tax Compliance Act (FATCA), Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT) and U.S. Corresponding Banking rules and regulations are primarily U.S. driven and can have a significant impact on local financial institutions. Further internationally U.S. CPAs are signing of on the world’s largest financial institutions and companies. More local accountants with the U.S. CPA designation could add substantial value to the economy and local markets.
In addition, this event was coupled to a seminar (8 CPE) regarding the new Revenue Recognition rules which will become effective in 2018. The Revenue Recognition session was led by the American Institute of Certified Public Accountants (AICPA) Center for Plain English Accounting (CPEA). The AICPA is the world’s largest organization representing the accounting profession and visited Curacao for the first time. The speaker was Thomas J. Groskopf CPA, CVA, MBA – Technical Director for the AICPA’s Center for Plain English Accounting, past representative from the U.S. on the International Financial Reporting Standards’ (IFRS) Small- and Medium-sized Entity Implementation Group. This new Revenue Recognition standard is a converged standard between U.S. Generally Accepted Accounting Principles (U.S. GAAP) and IFRS.
“This was an outstanding opportunity to obtain superior technical content knowledge and practical guidance for Accountants in the (Dutch) Caribbean, Suriname and South American region in a full-day on-site training session. We will continue having these sessions in 2018 and going forward. During this event it was also discussed what next steps will be taken to create a fair level playing field for local U.S. CPA designation and other designation holders eliminating unfair protectionism. We also honored 3 local finance professionals who passed all 4 sections of the U.S. CPA exam and there are much more professionals expected to pass in the remainder of 2018. Overall the event was a great success and a first step in the right direction towards strengthening the position of U.S. CPAs in the region” said Rocher Cyrus CPA, CGMA – Managing Director of Global International Management, Partner of Becker Professional Education and Confirmation.com Dutch Caribbean and Suriname. “We will continue to strongly advocate on behalf of the U.S. CPA profession within the region and deepen our relationship with all relevant stakeholders locally and internationally”.
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