• National Professional Organisation Website: Samoa Institute of Accountants

Financial Reporting Framework in Samoa

Financial reporting requirements are as set by the Samoa Institute of Accountants and/or by the Companies Act 2001 or the specific provisions in the Public Finance Management Act 2001 for public bodies. There is no stock exchange in Samoa.

The Samoa Institute of Accountants has been established under the 'Samoa Institute of Accountants Act 2006'. This Institute was formerly the 'Samoa Society of Accountants' which was established under the 'Samoa Society of Accountants Act 1984'. The Institute requires companies that are audited to follow either IFRSs or another internationally accepted accounting framework such as US GAAP. In most cases, companies report under IFRSs.

There are other laws specific to Government-owned enterprises, such as the Public Finance Management Act 2001 and Public Bodies (Performance and Accountability) Act 2001, which have specific reporting requirements. While those laws do not specifically require IFRSs, Samoan Government-owned enterprises generally follow IFRSs. Moreover, the Government Audit office expects IFRSs to be used.

Training and accounting practice in Samoa are mainly influenced by Australia and New Zealand with who Samoa has traditionally had special ties - especially New Zealand where many Samoans live and where many professionals obtain their education and training before returning to Samoa.

The Samoa Institute of Accountants requires the use of International Standards on Auditing.