The Government of the Bahamas has developed a road map for the transition to accruals-based accounting by the end of fiscal year 2022/2023. The speech presented by the finance minister in 2020 is attached below outlining the strategy. You group has been hired as an external consultant to the new Davis government to advise whether this transition is beneficial to the Country to proceed as planned, providing a summary of key accounting considerations and recommendations on why or why it is not beneficial to make the change. Also, your paper should address the time frame put forward of year 2022 and 2023, whether it is achievable. Your position paper should specifically address the specific areas noted below and be prepared in report form to the current Ministry of Finance.
Discuss the Current accounting rules and guidance that would be applicable, locally, in the Caribbean or wider international community.