Basic Accounting – 09 February 2022
This course is part of the Chamber Training Centre (CTC) Workplace Essentials category.
This half-day course is designed to transform accounting into easily understood concepts. This course is for anyone who needs to gain an understanding of basic accounting as part of their job.
Topics covered include:
- Learn the difference between debits and credits for different account types
- Understand the differences in financial statement categories, such as assets, liabilities, equity, revenue and expense.
- Practice calculating prepaid amounts, month end adjustments and accruals.
- The difference between Cash Accounting and Accrual Accounting
- How to read an Income Statement and Balance Sheet
- The basics of Payroll
Lauren started her career with KPMG in London and moved to the Cayman Islands in 2008. During her time at KPMG Lauren specialised in Restructuring, including liquidations and administrations. She is a qualified Chartered Accountant (ACA), Chartered Financial Analyst (CFA) charterholder and holds the Certificate of Proficiency in Insolvency (CPI). She has over 14 years of experience in the financial services industry which includes audit, corporate finance and forensic accounting experience
Lauren now works with Berman Fisher and provides outsourced accounting, FC and CFO assistance to operating companies in Cayman as well as coaching and QBs training.
Lauren is a member of the CFA Society of the Cayman Islands, the Cayman Islands Society of Professional Accountants, 100 Women in Hedge Funds and the International Women’s Insolvency & Restructuring Confederation (IWIRC) as well as the Institute of Chartered Accountants England & Wales (ICAEW).
Cancellations must be received in writing 72 hours prior to the course in order to obtain a refund. No shows will be charged the full amount.
Parking is available in any VISITOR designated parking space.
The event is finished.
- Feb 09 2022
- 9:00 am - 1:00 pm
- $175/ $250
- Unit 4-107, Governors Square 23 Lime Tree Bay Avenue, West Bay
- Unit 4-107, Governors Square 23 Lime Tree Bay Avenue, West Bay
Latest reopening updates
The Cayman Islands Chamber of Commerce launched its 2022-2023 Mentoring Cayman programme on Wednesday, 16 November at the Triple C School. The programme sponsored by the Ministry of Youth, Sports, Culture & Heritage pairs 58 high-achieving students with professionals from the business community for the next six months. Each mentor-mentee pair is matched according to career, industry or interest which cultivates a mutually beneficial relationship. Over 900 students have benefitted from the programme since it began in 2002, often establishing lifelong friendships. Chamber President, Shomari Scott, said “The future of our islands is rooted in how well we prepare the next generation to embrace the employment and business opportunities that are being created. After all, who are we developing for if not for the youth who are here with us right now?”. Dr.Ben Stating met his mentee Somerset Lovett, for the first time at the event. Dr. Ben, who teaches veterinary at the St. Matthews School of Medicine was thrilled to mentor a student passionate about the medical field. “I heard that there were three kids who are interested in veterinary/medicine. So I stepped up and hoping to show them the vet school and the veterinary clinic as well,” he said. Somerset is keen on developing her career and has participated in several work experiences in Europe. She was very keen to meet her new mentor. “I think Mentoring Cayman is a really good opportunity, especially as you choose the subjects you want to go into; it helps guide that decision. I want to go into pediatrics or neonatal medicine, or veterinary sciences.” “Mentoring creates a better environment, that benefits both the student and the volunteer mentor, and like any successful partnership, both parties must work to build trust, respect and open communication. It must be a two-way conversation, with the mentor willing to share their life and professional experiences, and the studentship willing to ask questions on the topics that interest them” says President Scott. Aijulon Thomas, a student from John Gray High School with an interest in architecture met her mentor, Jasmin Siegle. “I’m hoping to communicate with people better, and apply my skills to my current work inside and outside of school,” Aijulon said. It is Jasmin’s first time participating in Mentoring Cayman as mentor and sponsor. “My husband and I have a consultancy company on the island and it’s important for us to contribute to the community, so Mentoring Cayman is one of the areas we wanted to get involved to help shape the future generation,” she explained. Mentoring Cayman is one of several Chamber programmes that are intended to nurture the leadership talent of young people in order to build a strong future for the Cayman Islands. Programmes like Mentoring Cayman would not be possible without generous sponsors such as Aquilae Consulting Group, Cayman Water, Cox Lumber, Maples Group, and Rocky’s Diamond Gallery. If you would like to become a mentor or sponsor, email firstname.lastname@example.org or call 1(345) 743-9121. Photo 1: Mentors, mentees and parents gathered for the launch event Photo 2: Chamber President Shomari Scott making the key address Photo 3: Aijulon Thomas with mentor/sponsor Jasmin Siegle, Aquilae Consulting Group
The Cayman Islands Chamber of Commerce held its 24th annual Golf Classic on Friday, 4 November, sponsored by Health City Cayman Islands. The popular networking event sold out with more than 100 players gathering for the fun, friendship, and camaraderie in a four-person scramble which began at midday and continued over the course of 5 hours. Roger Southam of My Realtor Property Experts from the Westin team said, “Chamber golf days are one of the most amazing and awesome events on the island and I wouldn’t miss them for the world. The Chamber does a great job for the island in bringing everybody together. It is just a great opportunity to intermingle and get to know new people.” The afternoon’s fun included prizes donated by many local businesses for best teams, longest drive, closest-to-the-pin, and the event raffle. The RSM team of Andre Jarvis, Alex Bodden, Robert Wilson and Calvin Hall claimed first place and received prizes from members including Health City Cayman Islands, Bodyworks Holistic Wellness Centre, Island Jewellers, Cayman Spirits and North Sound Golf Club. Second place was claimed by Intertrust Group team of Matthew Rush, Jack Leeland, Alessandro Sax and Tim Spencer who received prizes from Islands Jewellers, Cost-U-Less, Cayman Spirits and North Sound Golf Club. While Stephen Gould, Robert Riley-Gledhill, Andrew Stepaniuk and Joel Dodson from Butterfield team followed closely behind claiming third place receiving prizes from Smoothie King, Cayman Islands Brewery and North Sound Golf Club. Individual players received luxury prizes donated by Chamber members Cayman Spirits, Marriot Beach Resort, Islands Jewellers, Kimpton Seafire, Ragazzi, Rocky’s Diamonds and Subway. Emma Woodhouse of TRAC Automotive dominated the course, taking home several prizes in the Women’s category for both longest drive and closest to the pin. Payten Wight of NCB Group won prizes for closest-to-the-pin in the Men’s category. Longest drive winners were Jamie English from Corporate Electric and Peter Beckford from G.T. Automotive. A portion of the proceeds from the tournament is used to support a local non-profit organisation, and this year the recipient is Junior Achievement. Chamber CEO Wil Pineau said, ”The Chamber Golf Classic was another outstanding success. Corporate members and team sponsors helped us to raise much needed money in support of the relaunch of the Junior Achievement programme in the Cayman Islands. This programme has impacted the lives of thousands of students over the years and the Chamber is proud to have signed an agreement with Rotary Central to assume full responsibility for the programme over the next two years. Thank you to all the teams, players, and sponsors for making the tournament another success.” The Chamber wishes to thank all the participating sponsors for their support in making the 2022 Golf Classic a huge success. Platinum sponsor: Health City Cayman Islands Bar sponsor: Islands Jewellers Hole-in-One sponsors: G.T. Automotive and TRAC Automotive Gold sponsors: Aquilae Consulting Group, Caribbean Utilities Company, Cayman National Bank, CG BritCay, CIBC FirstCaribbean, Corporate Electric, Digicel, Intertrust Group, Liftech, McAlpine, Provenance Properties, Rawlinson & Hunter, RSM and Walkers Raffle Sponsors: Anytime Fitness, Cayman Islands Brewery, Cayman Spirits, Kimpton Seafire Resort + Spa, Ritz-Carlton Grand Cayman, Rocky’s Diamonds, Sotheby’s International Reality The Chamber works to support, promote and protect local businesses and the community by organising many different events such as the Golf Classic. Photo 1: First place team RSM (L-R) Alex Bodden, Calvin Hall, Andre Jarvis and Robert Wilson Photo 2: Male’s Longest Drive Payten Wight from NCB Group Photo 3: Roger Southam from Team Westin
Supplement No. 2 published with Legislation Gazette No. 45 dated 7th November, 2022. A bill for an act to amend The Gambling Act (2016 Revision) to update the penalties for the commission of offenses; and for incidental and connected purposes. For further details click here: https://legislation.gov.ky/cms/bills/bills-by-year.html
JOURNIE Rewards launch means big prizes for Customers of Esso Cayman Islands Cayman Islands, November 9, 2022 – Sol’s JOURNIE Rewards was launched in Cayman on November 8, 2022. Sol has introduced an exciting new program designed to reward customers of its network of Esso-Branded Service Stations. The new program, called “JOURNIE Rewards” gives customers a chance to win prizes every month. Every time customers fuel up or make in-store purchases at any of the Esso-Branded Service Stations, they will be eligible to enter and win Grand prizes ranging from cruises for two, plane tickets for two, Electricity vouchers and more. In addition to these prizes, up to 50 additional lucky customers can win $50 vouchers for fuel, groceries and more, every month. To enter for a chance to win, customers must first register to become JOURNIE Rewards members, through a simple, one-time sign-up process. Customers can either scan a QR code with their mobile device or visit the JOURNIE Rewards website, enter their contact information and they are a registered JOURNIE Rewards member. Commenting on the JOURNIE Rewards program, Rosalind Robinson, General Manager, Sol Petroleum Cayman Islands Limited, noted that the program is an opportunity to reward their customers for their loyalty to the brand. She added that “the JOURNIE Rewards program allows us to continuously add value to our customers’ lives and reward them. Now, every time our customers make a purchase, they will have the added benefit of a chance to win big prizes every month. Sol is delivering on its commitment to energize the communities in which it operates by giving back to its customers in a meaningful and tangible way.” Customers who are interested in learning more about JOURNIE Rewards can visit journie.com/cayman for more details about the program. Issued by: Sol Petroleum Cayman Ltd
Opening this route will drive inbound visitation and grow tourism opportunities for our country Cayman Airways’ inaugural nonstop service to Los Angeles International Airport (LAX) took off in true Hollywood style on Saturday (5th November) following an Oscar themed celebration at the departure gate at the Owen Roberts International Airport (ORIA). The new weekly Los Angeles service is the first in the Caribbean, and is the latest addition to Cayman Airways’ expanding network, highlighting the significant role that Cayman Airways continues to play in growing and sustaining the Cayman Islands tourism industry. The Hollywood-themed ribbon cutting ceremony for the inaugural flight KX480 from Grand Cayman to Los Angeles featured themed desserts and gifts for passengers, while in Los Angeles on Sunday (6th November), a ribbon cutting celebration was held for the inaugural flight KX481 destined to Grand Cayman, with Cayman-inspired entertainment, refreshments and gifts available for passengers. “Opening an air bridge to new markets such as this one, will drive inbound visitation and grow tourism opportunities for our country because our national airline is making it easier for travelers to get to our Islands,” said Minister Bryan. “Over the longer term however, the routes success will depend on the continued collaboration between the Ministry and Department of Tourism, and our partners in the tourism industry, including the CI Film Commission, the financial services sector, and a host of other essential industry sectors working collaboratively together to leverage business and leisure opportunities.” The LAX service also brings Cayman closer to Hollywood, one of the largest film hubs in the world, making it easier for LA-based production companies to capitalise on the Cayman Islands as a premier location for film, television, music videos, photoshoots, and advertising productions. In 2019, LAX airport handled 88,068,013 passengers, making it the world’s third busiest and the United States’ second-busiest airport. “The launch of this new route has long been a dream for the Cayman Islands, and for Cayman Airways,” said the airline’s President and CEO, Mr. Fabian Whorms. “The LAX route has been realised thanks to our new Boeing 737-8 fleet; one of the most fuel efficient aircraft ever. Initially, the flight will operate once per week, but based on initial bookings, we are certain that demand will quickly result in increased frequency in the near future,” he added. Passengers on board the historic first flight from Grand Cayman to LAX included a mix of public and private sector officials, including Minister for Tourism Hon. Kenneth Bryan, Parliamentary Secretary Dwayne Seymour and representatives from the Islands major hotels and accommodations sector; along with representatives from other industry organisations such as the Chamber of Commerce, the Cayman Islands Tourism Association, Cayman Airways, the CI Airports Authority, the CI Civil Aviation Authority, the Ministry of Border Control, and the Cayman Islands Department of Tourism, among others. While in Hollywood the Department of Tourism held a ‘Cayman Reception’ showcasing local musicians, Carnival models and dancers to promote the new route. The celebratory event facilitated further networking between the various industry stakeholder’s present to discuss further opportunities within the Cayman Islands. Well known Caymanians in attendance included filmmaker and CI Film Commission Chairman, Frank E Flowers, model and actress Selita Ebanks, and Film & TV Producer Sean Rankine. During his official remarks at the event, Minister Bryan described the work taking place behind the scenes between the CI Film Commission and Cayman Airways in offering special rates for location scouts, production crews, equipment and VIP greeters for talent originating from the California. The Minister later announced a planned introduction of a Production Incentive Rebate Program. This initiative would begin in 2023 with the aim of continuing to strengthen the US film industry’s relationship with the Cayman Islands. To date, the Los Angeles route is Cayman Airways longest commercial flight, pushing the Denver route into second place. The new nonstop West Coast service will operate weekly, departing Grand Cayman on Saturdays and returning from Los Angeles on Sundays. Inbound flight time is just five and a half hours. “On behalf of the PACT government, I wholeheartedly offer my gratitude to the teams at Cayman Airways, the Airports Authority, Civil Aviation and the Department of Tourism for all their hard work throughout the process of transforming this new route to Los Angeles from a dream to a reality,” said Minister Bryan. The Cayman Airways Los Angeles route will operate year-round once-weekly service from GCM to LAX on Saturdays and returning from LAX to GCM on Sundays. For details and to book, visit www.caymanairways.com or call Cayman Airways Reservations on 949-2311. Issued by: Ministry of Tourism & Transport (CIG)
Mourant Partner and Practice Leader of the firm’s Cayman Islands-based Corporate team, Catherine Pham, has been recognised by the Hedge Fund Journal in their Top 50 Women in Hedge Funds report for 2022. The report is now in its tenth year of recognising and highlighting top female talent in the hedge funds sphere. In this year’s report, 49 of the 50 women included are new to the report. Catherine is the only woman based in the Cayman Islands to feature. Catherine is member of the Mourant Global Management Committee and an active member of 100 Women in Finance in Cayman, which seeks to build a more diverse and gender equitable finance industry through initiatives including peer engagement, impact, and education events. She also belongs to Women in Fund Finance, which focuses on the increased engagement, recognition and promotion of women leaders within the alternative investment fund finance industry. Recognised in the independent Chambers and Partners Global Guide as being “well regarded among commentators in the Cayman Islands” and known for having “deep expertise in fund launches and a plethora of related issues,” Catherine regularly advises sponsors, investment banks and investment managers on the structuring, formation, regulation and governance of investment fund structures, their downstream transactions and exit mechanisms. She also advises institutional, strategic and seed investors in connection with their investments into investment funds. On her recognition, Catherine said: “It is an honour to be included on the list of Top 50 Women in Hedge Funds, especially given the exceptional calibre of my peers featured in the report this year. I would like to extend my thanks to the Hedge Fund Journal and sponsor EY for continuing to shine a light on top female talent in this previously underrepresented area of the profession.” Issued by: Mourant
Cabinet has approved the Music and Dancing (Control) Amendment Bill, 2022 (The Amendment Bill) to equalise economic opportunities for owners of stand-alone bars and sea-going vessels on Sundays. The Amendment Bill was published in the Legislation Gazette on 4 November 2022. At present, licensed stand-alone retail bars and sea-going vessels are restricted from playing background music on a Sunday and expressed to the Ministry of Financial Services and Commerce their material economic disadvantage, in comparison to restaurants and hotels who are able to attract both local and foreign clientele on Sundays. However, if passed by Parliament, the Amendment Bill will ensure stand-alone retail bars and sea-going vessels, which hold valid licences, are able to operate on similar footing on Sundays as hotels and restaurants. The Amendment Bill defines stand-alone bars as bars not located in a hotel and restaurant, which hold a liquor licence. This includes community and cultural venues that operate retail bars when hosting for-profit community events as well as performances of music, dance and drama. Sea-going vessels are vessels deemed seaworthy by the Port Authority of the Cayman Islands that hold liquor as well as music and dancing licences. Minister of Financial Services and Commerce, Hon. André Ebanks, noted that this amendment aims to balance the concerns of local business owners with the wider community. “The Ministry consulted with local business owners and relevant public and private sector stakeholders in the preparation of this Amendment Bill,” Minister Ebanks said. “We were mindful of the potential added duties this may place on our enforcement agencies and the concerns raised by the local religious community. Ultimately, this Amendment Bill is intended to cause minimal disruption on Sundays, by allowing activity that is already taking place in the restaurant and hotel sectors to be extended to stand-alone bars and sea-going vessels. This will help to create a more level playing field and enable these sectors to generate additional revenue lawfully.” The Amendment Bill also provides added parameters around operating hours; hotels and restaurants would operate 9am to 11:59pm while stand-alone bars and sea-going vessels would open from 11am until 11:59pm. Further, the Amendment Bill stipulates that music in stand-alone bars should be of a low, background nature and not capable of being heard outside the premises in which it is played. Sea-going vessels must be at least a half mile out to sea before music can be played. Minister Ebanks will present the Amendment Bill at the next sitting of Parliament the week of 5 December. Issued by: Ministry of Financial Services and Commerce (CIG)
The Ministry of Investment, Innovation and Social Development (MIISD) is delighted to report that Cabinet has approved two legislative Bills, the Identification Register Bill and the Cayman Islands Identification Card Bill, which have been published today in the Legislation Gazette. “Building upon the proud pioneering heritage of the Cayman Islands, the national digital ID and its underlying suite of systems and technologies will firmly launch the Cayman Islands into the 21st Century. It is an enabling innovation that will truly modernise governance, and transform how Cayman Islands residents transact with Government and businesses,” said the Hon. Minister André Ebanks, Minister for Investment, Innovation and Social Development. Ms. Tamara Ebanks, Acting Chief Officer (ACO) of MIISD, said, “The national digital ID programme will aid greatly in retaining and augmenting the competitiveness of the Cayman Islands as a globally respected financial services and innovation centre of excellence. It will enhance Government’s capability to serve its customers, our residents, with proven technology utilised with great success.” ACO Ebanks noted, “Chief among the benefits of the national digital identity for individuals is the elegant simplicity of a single identification document, and the amount of time it will save and hassle it will reduce. We foresee a truly significant reduction in ‘red tape’ which will result from a person being treated as the same individual when transacting with numerous Government entities.” She said, “The digital identity also provides a necessary framework for future growth and innovation for Government, as well as private sector employment and entrepreneurship. It provides an individual with a means to prove their identity through a verifiable and secure electronic process.” Ian Tibbetts, Director of the eGovernment Unit responsible for planning and programme management of the digital identity initiative as well as implementing the underlying technology, likened Government’s commitment to the national digital ID to its investment in physical infrastructure such as roads, bridges, telecommunications, airports and public safety. Mr. Tibbetts observed, “Similar to Government’s investment in physical infrastructure, its investment in digital infrastructure will be a catalyst for creating a truly connected, modern and dynamic Cayman Islands.” VISION A Cayman Islands digital ID and its underlying suite of systems and technologies will launch the Cayman Islands into the 21st Century. This Government aims to provide an enabling innovation that will truly modernise governance, and transform how Cayman Islands residents transact with Government and businesses, and thereby enhance the digital infrastructure, service delivery and overall economic competitiveness of the country. The two Bills have been published in the Gazette today, Friday 4 November (44/2022): Card Bill: http://gazettes.gov.ky/portal/pls/portal/docs/1/13214567.PDF Register Bill: http://gazettes.gov.ky/portal/pls/portal/docs/1/13214566.PDF Issued by: Cayman Islands Government (CIG)
Preparations for the annual Chamber Golf Classic are in full swing as golfers prepare to take part in the tournament on Friday, 4 November 2022. Participants will have the opportunity to network with other businesses while competing for annual titles, bragging rights and unbeatable prizes including cars, staycations, alcoholic beverages and more. Thank you to our sponsors for making this event possible. This year proceeds from the event will be used to enhance the local Junior Achievement programme.
Walk waddle or run, the Meals on Wheels Turkey Trot is for everyone! The 7th Annual Turkey Trot 5k FUNdraising Walk/Run is set for 6:00 am on November 26th, 2022Start and Finish will be at Grand Old House, South Church Street. 100% of proceeds from this fundraiser will go towards providing hot meals to seniors in need! Click here to REGISTER for the 2022 Meals on Wheels Turkey Trot 5k Walk/Run CI$25 5k Walk/Run ~ Adult (Age 18+) CI$20 5k Walk/Run ~ Junior (Age 11 to 17) CI$15 5k Walk/Run ~ Children (Age 4 to 10) (NOTE: Prices on the website are shown in USD) ON-SITE REGISTRATION & PACKET PICK-UP Collect your trot packet on November 23rd (12 noon to 7 pm) or November 24th (10 am to 4 pm)at WESTIN RESORT, LITTLE CAYMAN BOARDROOM ~ Seven Mile Beach, West Bay Road Register online today or contact Meals on Wheels for more information on sponsorship or volunteering opportunities at 769-1974 or email@example.com