IFRSs adopted in Fiji for a broad range of entities
Nov 06, 2007
The Fiji Institute of Accountants (FIA), which is a member body of the International Federation of Accountants, has adopted International Financial Reporting Standards for all accounting periods beginning from 1 January 2007 for all entities that fall within the following categories:
- Public companies, as defined in the Companies Act*;
- Government majority owned companies;
- Banking and financial institutions;
- Superannuation, insurance, and insurance broking entities;
- Government entities established under their own statute;
- Entities with annual group turnover of at least F$20m (US$13m) or with assets exceeding F$20m (US$13m);
- Entities that are publicly accountable (which have debt or equity instruments on public issue or have coercive power to tax, rate, or levy to obtain public funds); and
- Entities where any of the above listed entities have significant influence (through more than 20 per cent ownership), as equity accounting would be applicable for the parent company reporting.
*Public companies, as defined in the Companies Act, are companies that do not restrict transfer of shares, and have minimum 7 shareholders. There is no limit on the maximum number of shares. All listed companies on the South Pacific Stock Exchange (in Fiji) are public companies, as are all unlisted companies that are incorporated or converted as public companies in accordance with the Companies Act.
Moreover, the Institute has ruled that the members must follow IASBs IFRSs extant as at January each year with an option to adopt earlier any subsequent new standards or updates.
The chairman of the FIA Standards Committee summarised the new requirements, and also provided an update on standards to be followed by non-IFRS entities and on auditing standards, in the Institute's Journal August 2007 (PDF 23k). We have created a new Fiji Page.