BVI STORIES: BVI Association of Professional Accountants

Remaining competitive as an International Financial Centre (IFC) requires a forward-looking and agile approach. In the British Virgin Islands (BVI), the industry associations are constantly working alongside the BVI regulators, Financial Services Commission (FSC), and BVI Finance to explore ways the jurisdiction can improve its offerings and create a seamless and efficient ecosystem for businesses.

For the Association for Professional Accountants (APA), this mission falls into two clear and important pillars: regulation and education. Both of these pillars contribute to laying the foundations for growth and building a resilient future for the profession in the BVI.

This year, the APA is seeing years of legislative work coming to fruition as well as engaging a new generation with successful education campaigns, generating a pipeline of talent and future-proofing the sector.

STRENGTHENING THE OFFERING

The past year has been a pivotal one for the accountancy profession in the BVI with the long-awaited regulation to standardise the accountancy sector set to be finalised. This development will have hugely positive effects for both the sector and the overall offerings of the BVI.

The APA has been focused on driving this change and building an environment based on accountability and regulation. With the draft regulations now going through the government, the APA is now focusing its efforts on the effective roll-out and implementation over the next year.

To ensure the success of the new regime, the groundwork must be laid to ensure compliance and help professionals certify in line with the new standards. This process will include licensing, creating disciplinary committees, and building a licensing regime and regulation frameworks.

These changes are set to supercharge the accountancy capabilities on the jurisdiction, creating a more seamless experience for business. The BVI’s important role in international business and wealth of financial services offerings means that the possibilities for growth in the sector are endless, and this standardisation will only boost these opportunities even further.

EDUCATION, EDUCATION, EDUCATION

The focus on education also contributes to the overall mission to nurture and grow the profession.

The APA’s partnership with the Robert Mathavious Institute for Financial Services has been a linchpin for this education campaign, delivering best-in-class accountancy education right here in the BVI for young people.

This partnership, along with the Londonheadquartered Association of Chartered Certified Accountants (ACCA), has been crucial in offering pathways for young people to gain the international-recognised qualifications in accountancy.

The educational campaigning work of the APA, however, goes one step further than simply providing courses. One key element has been to change the preconception of the profession amongst young people. Accountancy is not typically perceived amongst the younger demographic to be an exciting career path, meaning fewer pursue it within secondary or tertiary education.

The APA is determined to challenge this view. Part of this drive is to educate high schools on the basics on accountancy and illustrate the genuinely exciting avenues that accountancy can lead to, such as forensic accountancy during criminal investigations.

The key message the APA wants to instill in the younger generation is that with accountancy, the world is your oyster, and by reaching out to students as they go through school, the APA will help them to make choices early on that can benefit them hugely - whatever career path they ultimately choose to take.

For example, accountants play a huge role in the legal sector, in arbitration and facilitated mediation, and with the strong court system and dispute resolution on the island, this is a huge opportunity for young people. Technology companies are now also keen to hire accountants, especially those with key data analytic skills.

Whether young people aspire to being a business owner, CEO, an analyst, or simply advancing their career, communicating the huge benefits of accountancy skills will continue to be a huge focus for the APA.

CONCLUSION

It is clear that the entire BVI landscape is focusing on increasing accountability and regulation, and the accountancy sector is making huge strides in achieving this.

The work of the APA is vital in ensuring that everyone is fully prepared for this increased regulation, and in inspiring young people to pursue a future career in this exciting and global industry.