Statement on the passing of former Prime Minister Owen S. Arthur

By President – Lydia McCollin
July 30, 2020

Brilliant Economist and Caribbean Icon

The Institute of Chartered Accountants of Barbados (ICAB) is saddened by the recent passing of former Prime Minister, Professor the Right Honourable Owen Seymour Arthur.    A brilliant and respected economist, Professor Arthur was a supporter of regional integration and the Caribbean Single Market and Economy, and was held in high regard not only in Barbados, but regionally and internationally.

Professor Arthur was Barbados’ 5th Prime Minister, and holds the distinction of being its longest serving Prime Minister to date.  Under Professor Arthur’s stewardship, Barbados made significant economic strides, with unemployment going from around 23% when he first became Prime Minister in 1994 to around 7% in 2008 when the Barbados Labour Party was defeated at the polls.  Owen Arthur will be remembered for leading the recovery of the Barbados economy from its precarious state in the mid-1990’s to relative prosperity by the end of his term of office. Some notable achievements include an investment grade credit rating for Barbados, high levels of foreign reserves, and a high ranking in the Human Development Index. Of particular interest to ICAB were the significant improvements to public financial management, which he introduced. These included the passing of a new Financial Management & Audit Act, major tax reform including the introduction of the Value Added Tax (VAT), and the adoption of International Public Sector Accounting Standards.  During his tenure Barbados was recognised internationally as a well-run Small Island Developing State, and was described by the former United Nations Secretary General, the late Kofi Annan as a country that “punches above its weight”.

Professor Arthur had a love for the accounting profession and was always willing to give of his time to support ICAB. We fondly remember his presentation at a free public lecture as part of ICAB’s public financial education programme and 40th Anniversary celebrations in 2015 on the topic “Economic Development in Barbados – Lessons from the Past and the Continuing Search for Solutions”. He also made a technical presentation as part of the ICAB Annual Tax Update Seminar in 2017 on the topic “Assessment of the Impact of VAT on Barbados 20 Years Later”.  The 2015 event at which he spoke had the largest attendance of any of ICAB’s public lectures, which is testimony to the high esteem in which Professor Arthur was held by a wide cross section of people in Barbados.

ICAB extends sincere condolences to his widow and two daughters on his passing, particularly his daughter Sabrina, who is one of ICAB’s very own student members.  Professor Arthur will be sorely missed by Barbados, the region and beyond.  May he rest in peace.


Barbados and the rest of the world are currently grappling with the COVID-19 pandemic.  As we navigate during this uncertain and disruptive situation, 
ICAB will be following the implementation stages of the National COVID-19 Preparedness Plan published by the Government of Barbados (GOB).  

Guidance from the Government of Barbados will continue to be monitored and protocols will be updated and communicated accordingly.

You are reminded to follow the official guidance of the GOB, the World Health Organization (WHO), and other recognised health agencies.

Until further notice our office will operate remotely.

Contact information
The Institute's office number (246) 429-5678 will be forwarded to one of the members of the Secretariat, however one of the members of the Secretariat may be contacted directly as follows:
 - Kathy-Ann Hewitt, Executive Director: kathy-ann.hewitt@icab.bb or (246) 243-5054
 - Lesah Denny-Brathwaite, Assistant Director: lesah.denny-brathwaite@icab.bb or (246) 231-7658
 - Irene Harper, Office Assistant: irene.harper@icab.bb or admin@icab.bb
 - Mariette Philips, Secretary:mariette.philips@icab.bb  or admin@icab.bb
 - Althea Springer, Administrative Assistant: althea.springer@icab.bb or admin@icab.bb

Payments
Payments may be made using one (1) of the following methods:
1.  Making an online transfer to ICAB's bank account
     Bank:                       RBC Royal Bank
     Branch:                   Lanterns Mall
     Account Holder:   Institute of Chartered Accountants of Barbados
     Transit #:                09545 or 00003 (differs depending on your bank)
     Account #:             1104041

2. Mailing a cheque to:
     ICAB
     C/o P.O. Box 168W
     Worthing Post Office
     Worthing Christ Church

Once you have transferred funds or mailed a cheque, a confirmation email stating name, date, purpose of payment and method of transmission (bank transfer/mail) should be sent to admin@icab.bb



Our best wishes to you and your families to stay safe and healthy.


COVID- 19 Reference Material for Members from IFAC and other Sources

IFAC:   https://www.ifac.org/knowledge-gateway/discussion/covid-19-resources-ifacs-network

Please note that in addition to the above link, IFAC has also made available resource material which has been sorted by topic areas (ie auditing, financial reporting…)

Deloitte IFRS in Focus Article:   https://www.iasplus.com/en/publications/global/ifrs-in-focus/2020/credit-loss-covid-19

Expected credit loss accounting considerations related to Coronavirus Disease 2019 -

IAASB:   http://www.iaasb.org/focus-areas/guidance-auditors-during-coronavirus-pandemic

IAASB Staff Audit Practice Alert (March 2020) | Highlight Areas of Focus in an Evolving Audit Environment Due to the Impact of COVID-19

AASB:   https://www.aasb.gov.au/admin/file/content102/c3/AASB19009_COVID19

AASB−AUASB JOINT FAQ -  The Impact of Coronavirus on Financial Reporting and the Auditor’s Considerations  

FA.pdf  

ESMA:   https://www.esma.europa.eu/press-news/esma-news/esma-issues-guidance-accounting-implications-covid-19  

ESMA ISSUES GUIDANCE ON ACCOUNTING IMPLICATIONS OF COVID-19 - Accounting implications
of the COVID-19 outbreak on the calculation of expected credit losses in accordance with IFRS 9

ICAEW:   https://www.icaew.com/insights/features/2020/mar-2020/coronavirus-going-concern-and-the-auditors-report  

ICAEW Coronavirus, going concern and the auditor’s report

ACCA:   https://www.accaglobal.com/gb/en/cam/coronavirus/practitionerv-covid19.html  

ACCA practitioners discuss how they are changing the way they serve their clients in light of Covid-19

ACCA Maintaining your mental wellbeing while social distancing

https://www.accaglobal.com/gb/en/cam/coronavirus/robyeung1-covid19.html 

CPA :   https://www.icc-ccs.org/index.php/1288-coronavirus-investment-fraud-and-cyber-scam-warnings  

CPA  - Coronavirus: Investment fraud and cyber scam warnings

McKinsey & Company:   https://www.mckinsey.com/business-functions/risk/our-insights/covid-19-implications-for-business?cid=other-eml-alt-mip-mck&hlkid=3c51ad24523e42368e748a89f1a97e3a&hctky=2665746&hdpid=5050ca14-6551-46ec-b11f-d856171a3253

McKinsey & Company - COVID-19: Implications for business

AUDIT FIRMS

EY - Applying IFRS - Accounting considerations of the coronavirus outbreak

https://www.ey.com/en_gl/ifrs-technical-resources/applying-ifrs-accounting-considerations-of-the-coronavirus-outbreak  

Deloitte - IFRS in Focus Accounting Considerations Related to Coronavirus Disease 2019 

https://www2.deloitte.com/content/dam/Deloitte/ng/Documents/audit/ng-IFRS-in-Focus-Coronavirus-Disease%202019.pdf  

Grant Thornton COVID-19: Financial Reporting and Disclosures

https://www.grantthornton.global/globalassets/1.-member-firms/global/insights/insight-content-blocks-and-media/covid19
-financial-reporting-
and-disclosures/covid-19-financial-reporting-and-disclosures.pdf
  

KPMG - COVID-19 | Financial reporting Resource centre on the financial reporting impacts of coronavirus 

https://home.kpmg/xx/en/home/insights/2020/03/covid-19-financial-reporting-resource-centre.html  

PwC -  Accounting implications of the effects of coronavirus

https://www.pwc.com/m1/en/publications/covid-19/in-depth-look-at-current-financial-reporting-issues.pdf  

PwC - COVID-19: top 5 IFRS accounting issues for banks

https://www.pwc.com.au/assurance/ifrs/assets/covid19-top-5-ifrs-accounting-issues-for-banks.pdf  

PwC - COVID 19 Navigator which is a tool to help organisations assess their response capabilities to COVID-19

 COVID 19 Navigator    

BDO Covid-19 | The Impact on Valuations

https://www.bdo.ie/en-gb/news/2020/covid-19-the-impact-on-valuations  

Three of Big Four provide briefing on supply chain disruption:

https://www2.deloitte.com/global/en/pages/risk/articles/covid-19-managing-supply-chain-risk-and-disruption.html

https://www.ey.com/en_gl/advisory/how-to-build-a-supply-chain-thats-resilient-to-global-disruption  

https://www.pwc.com/gx/en/issues/crisis-solutions/covid-19/protecting-your-supply-chain.html

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