The Papua New Guinea Accounting Standards Board has renewed its commitment to IFRS® Standards. The standard-setter reconfirmed that all the country’s companies are required to report using IFRS Standards.

Publicly accountable companies—companies listed on the country’s stock exchange and financial institutions—are required to use full IFRS Standards; unlisted companies may choose between applying full IFRS Standards and the IFRS for SMEs® Standard.

The government of Papua New Guinea will require endorsement of new IFRS Standards as they are issued.  Amendments to IFRS Standards, including IFRIC® Interpretations issued by the IFRS Interpretations Committee, will apply automatically and not require formal approval by the Papua New Guinea Accounting Standards Board.