|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies|
|IFRS Standards are permitted but not required for domestic public companies||Suriname has not adopted any particular accounting framework as its national standards. IFRS Standards are permitted.|
|IFRS Standards are required or permitted for listings by foreign companies||Permitted.|
|The IFRS for SMEs Standard is required or permitted||Permitted.|
|The IFRS for SMEs Standard is under consideration|
Role of the organisation
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
What is the jurisdiction's status of adoption?
Additional comments provided on the adoption status?
Currently there is no statutory requirement for a specific accounting standards framework to be used. Nor is there a statutory requirement for financial statements to be audited, though some company charters do require audits.
Because the laws of Suriname and the regulations of the Suriname Stock Exchange neither require nor prohibit IFRS Standards (or any other specific accounting framework), a few companies currently do use IFRS Standards, and others are considering IFRS Standards.However, the majority of companies in Suriname follow a form of Netherlands national accounting standards because of the historical relationship of Suriname and the Netherlands.
Netherlands GAAP is published in the Dutch language, which is the national language of Suriname. The Central Bank of Suriname is responsible for prudential supervision of financial institutions, including banks, insurance companies, pension funds, and credit unions.However, neither the Bank Act nor regulations adopted by the Central Bank mandates the specific accounting standards to be followed by those financial institutions.
In conducting its 2012 ROSC Accounting and Auditing Review in Suriname, the World Bank found: “A review of 25 sets of published accounts and corporate financial statements revealed differences between current practices in Suriname and the International Financial Reporting Standards (IFRS).” A key recommendation in the ROSC report is: ‘Mandate IFRS for public interest entities and non-listed large companies, and simplified IFRS for other non-listed companies and medium-size enterprises.’