Second attempt at localising imperial accountancy: The case of the Institute of Chartered Accountants of Jamaica (ICAJ) (1970s–1980s)

Abstract

This paper essentially examines the evolving dynamics of accountancy in former colonies. In this case, the author analyses the situation in Jamaica, particularly, since the Institute of Chartered Accountants of Jamaica (ICAJ) first attempt at localisation in the 1950s to early 1970s turned out to be a failure. The paper argues that this was due to the desire of the influential minority members of the ICAJ and the UK-based Association of Chartered Certified Accountants (ACCA) to continue to enjoy their monopoly of accountancy market in Jamaica. Nonetheless, there was concerted effort to put in place an independent profession that would positively respond to the socio-political and economic problems of Jamaica. These efforts continued to be met with resistance due to the nature of the old colonial relationship with the ACCA which significantly affected the failure of the first attempt at localising the accountancy profession in Jamaica. Internally, the influential and powerful minority members of the profession could not be ignored as they preferred to remain loyal to the ACCA. On the other hand, developments in the UK led the ACCA to consider the abandonment of its dominating role in the ICAJ. This in effect, would have forced the ICAJ to deal with the independence in a complete and less ambivalent manner. The paper examines the developments which took place in the aforementioned context and adopts argues that these developments cannot be isolated or examined without situating them in the largely framework of capitalist and (neo)colonial processes, which govern these internal and external complexities. Based on the outcome of this investigation, the paper reinforces the previous conclusion that, the ability of the ICAJ to make fundamental changes to the status quo in its imperial Accountancy profession inherited from the UK-based ACCA continues to be constrained by these internal and external influences.