neoaccounting

The prime minister of Bahamas has announced plans to fully switch to accrual-based accounting, claiming that the current accounting system is “woefully lacking” when it comes to providing an overview of the country’s financial position. Addressing the Bahamas Institute of Chartered Accountants’ (BICA) Accountant Week last month, prime minister Hubert Minnis reportedly said the government would switch by the end of June 2022, while the accounting system would be implemented by the wider public sector by 2023. He described the move as “no small feat”, but said the current cash-based system was lacking in providing a complete and accurate view of the financial position, activities and performance, according to one of the country’s leading daily newspapers, the  Bahamas Tribune . “As policymakers we value the importance of financial reporting that meets international standards. It is essential that we are in a position to util...