In October 2002 ICAJ announced that it was embarking on a financial system improvement project that would strengthen the enforcement and compliance framework of the accountancy profession in Jamaica and ensure that investors received accurate information.

According to the opposition, these would give the minister of finance the right to "violate the secrecy laws without any reference to the courts which is the only saving grace between individuals, companies and the overwhelming power of the state".

ICAJ president Linroy Marshall said his organization had not been consulted on the proposal, but expressed serious concern about any move to violate confidentiality between an accountant and their client.

The Inter-American Development Bank (IDB) provided funding for a three-year program to implement and ensure compliance with these standards.

[1] The move brought Jamaica in line with European standards, but at first meant that companies filing their financial reports with the U.S. Securities and Exchange Commission (SEC) would have to reconcile their figures to Generally Accepted Accounting Practices (GAAP) and highlight the differences from IFRS.

This was in line with ICAJ's goal for accountants to be mobile within the region and for Jamaica to stay competitive within the Caribbean Single Market.