[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-159715-105":59,"doc-detail-159715-en":130},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":123,"head_meta":125,"extra_data":127,"updated_unix":129},105,"en","ifac-smo-action-plan-barbados-icab","IFAC SMO Action Plan - Barbados ICAB","","SMO Action Plans are developed by IFAC members and associates to demonstrate fulfillment of the Statements of Membership Obligations, including adoption and implementation of international standards and the establishment of Quality Assurance and Investigation & Disciplinary systems. The document describes how the Institute of Chartered Accountants of Barbados (ICAB) conducts self-assessment, prepares its action plan, and keeps it updated under the IFAC Member Compliance Program. It provides ICAB’s jurisdictional overview, regulatory authority framework, and professional environment, challenges, and key strategies.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/ifac-smo-action-plan-barbados-icab/159715/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/ifac-smo-action-plan-barbados-icab/159715.png","ImageObject",300,407,{"name":92,"@type":93},"Kyle","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-29","2026-08-29",true,{"@type":102,"interactionType":103,"userInteractionCount":56},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What is the purpose of an IFAC SMO Action Plan?","Question",{"text":112,"@type":113},"It demonstrates fulfillment of IFAC Statements of Membership Obligations by outlining how IFAC members and associates adopt and implement international standards and by describing Quality Assurance and Investigation & Disciplinary systems.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How does ICAB develop its SMO Action Plan?",{"text":117,"@type":113},"ICAB performs a self-assessment against SMO requirements, identifies improvement areas, then formulates an action plan that shows fulfillment and sets plans for any unmet requirements.",{"name":119,"@type":110,"acceptedAnswer":120},"What sources of authority does ICAB use to regulate the profession in Barbados?",{"text":121,"@type":113},"ICAB’s authority is based on Section 5 of the Institute of Chartered Accountants of Barbados (Incorporation) Act, which allows ICAB to make rules and regulations for accounting and auditing.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},159715,1788021610,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":56,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":139,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":129,"read_time":144,"preview_page_count":4},3985741905716,"https://ap-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d","Background Note on Action Plans  \nSMO Action Plans are developed by IFAC Members and Associates to demonstrate fulfillment of IFAC Statements of Membership Obligations (SMOs) . SMOs require IFAC Members and Associates to support the adoption 1 and implementation2 of international standards and other pronouncements issued by independent standard-setting boards under the auspices of IFAC as well as by the International Accounting Standards Board (IASB); and to establish a Quality Assurance (QA) review and Investigation and Disciplinary (I&D) systems.  \nIFAC Members and Associates conduct a self-assessment against the requirements of SMOs and identify areas where improvements are needed. Based on the results of the assessment, Members and Associates develop an SMO Action Plan to (a) demonstrate how they fulfill the requirements of the SMOs and (b) where some requirements are not yet addressed, to present plans towards their fulfillment.  \nSMO Action Plans are designed to be ever-green documents that provide a comprehensive description of the accountancy profession and its legislative and regulatory environment in the jurisdiction as well as the actions undertaken by IFAC Members or Associates to support adoption and implementation of international standards and best practices.  \nRegular updates of the SMO Action Plans are required as part of the IFAC Member Compliance Program.  \nUse of Information  \nPlease refer to the Disclaimer published on the Compliance Program website.  \nACTION PLAN  \nIFAC Member: Institute of Chartered Accountants of Barbados (ICAB)  \nApproved by Governing Body: Council of ICABOriginal Publish Date: April 2010  \nLast Update: July 2021  \nNext Update: July 2024  \n1 Adoption is concerned with the decision that international standards are appropriate for use in specific national financial reporting environments and with the actions necessary to effect those decisions, including incorporation into national requirements or requiring the use of international standards through law. Adoption may include a process to review draft international standards, translation, public exposure of proposed standards, approval, incorporation into national requirements as necessary, and promulgation of final standards, and, where applicable, a convergence process to eliminate or minimize differences between international and national standards.  \n2 Implementation may include a process to build awareness of the adopted standards, provide relevant education and training, develop or disseminate implementation guidance and anyother activities that promote proper understanding and use of the standards in practice.  \nGLOSSARY  \nACCA AICPA CA ANZ CAICIMA  \nCPA Australia  \nCPA Canada CPD  \nIAASB  \nIAESBIASBICABICAC ICAEWICASIESBAIFAC IPSASBISA  \nAssociation of Chartered Certified Accountants American Institute of Certified Public Accountants Chartered Accountants Australia and New Zealand Chartered Accountants Ireland  \nChartered Institute of Management Accountants Certified Practising Accountants Australia Chartered Professional Accountants Canada Continuing Professional Development  \nInternational Auditing & Assurance Standards Board International Accounting Education Standards Board International Accounting Standards Board  \nInstitute of Chartered Accountants of Barbados  \nInstitute of Chartered Accountants of the Caribbean  \nInstitute of Chartered Accountants of England and Wales  \nInstitute of Chartered Accountants of Scotland International Ethics Standards Board for Accountants International Federation of Accountants  \nInternational Public Sector Accounting Standards Board International Standards on Auditing  \nAction Plan Subject: Overview of the Institute of Chartered Accountants of Barbados (ICAB)  \nAction Plan Objective: This Section Describes the Environment, Challenges and Key Strategies of ICAB.  \nGeneral Information:  \nProfessional Accountancy Organization  \nBarbados is an independent nation in the Caribbean with a population","cbCaijm2v8mpvmRC","https://ap.wps.com/l/cbCaijm2v8mpvmRC","pdf",288879,21,"English","# Action Plan\n## IFAC Member and updates\n# Action Plan Subject and Objective\n# General Information\n## Professional accountancy organization in Barbados\n## Membership and professional designations\n# Regulation of the Accountancy Profession\n## Legal basis and rulemaking authority","[{\"question\":\"What is the purpose of an IFAC SMO Action Plan?\",\"answer\":\"It demonstrates fulfillment of IFAC Statements of Membership Obligations by outlining how IFAC members and associates adopt and implement international standards and by describing Quality Assurance and Investigation \\u0026 Disciplinary systems.\"},{\"question\":\"How does ICAB develop its SMO Action Plan?\",\"answer\":\"ICAB performs a self-assessment against SMO requirements, identifies improvement areas, then formulates an action plan that shows fulfillment and sets plans for any unmet requirements.\"},{\"question\":\"What sources of authority does ICAB use to regulate the profession in Barbados?\",\"answer\":\"ICAB’s authority is based on Section 5 of the Institute of Chartered Accountants of Barbados (Incorporation) Act, which allows ICAB to make rules and regulations for accounting and auditing.\"}]","IFAC SMO Action Plan - Barbados ICAB | PDF",53]