Which Body Should Set Accounting Standards in the Caribbean? Should Each Individual Territory be Able to Determine Which Individual Standards they are Willing to Accept?

Argument:

Argument 1: Argue that international bodies such as IFAC and the IASB should set accounting standards in the Caribbean. Identify four perceived benefits which flow to a country that adopts international accounting standards. Identify some of the consequences of not adopting international accounting standards.

Argument 2: Argue that regional and local bodies such as ICAC/ICAB/ICAJ/ICAG, etc. should set accounting standards in the Caribbean. Identify four perceived benefits which may flow to a country that designs their own accounting standards. Identify some of the consequences associated with adopting international accounting standards for undeveloped economies.