This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.


Samoa Image

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.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.