Jamaica Public Service Company Limited (JPS) has advised that the board of directors had taken a decision which has been endorsed by the company`s external auditors, Ernst & Young, to change the functional currency base on which the financial statements are prepared from Jamaican to United States Dollars. The change became necessary consequent on an examination of the criteria set out in International Accounting Standards (IAS) 21 for determining a company`s functional currency.
JPS has advised that, consequent upon this change in the company`s accounting policy its financial statements will not be available for publication at the required deadline as the company have now to restate previous years results so as to facilitate the typical year to year comparison in the audited reports. As such the company will submit its audited financial statements on May 31, 2009 to facilitate the implementation of the policy change and completion of the external audit.
