Fiji

Extent of IFRS application | Status | Additional Information |
---|---|---|
IFRS Standards are required for domestic public companies |
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Required. |
IFRS Standards are permitted but not required for domestic public companies | ||
IFRS Standards are required or permitted for listings by foreign companies |
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Required, although currently, there are no foreign companies that trade on the South Pacific Stock Exchange (Fiji’s public market). |
The IFRS for SMEs Standard is required or permitted |
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Required. |
The IFRS for SMEs Standard is under consideration |
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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?
The FIA has adopted IFRS Standards for large and publicly accountable entities for financial periods beginning on or after 1 January 2007 as stated in the By-Laws section of their website. The terms ‘large’ and ‘publicly accountable’ are defined in the By-Laws of the FIA to be:
- public companies, as defined in the Companies Act;
- companies that are majority-owned by the government;
- banking and financial institutions;
- superannuation, insurance, and insurance broking entities;
- government entities established under their own statute with annual turnover of at least F$5 million (approximately US$2 million);
- entities with annual group turnover of at least F$20 million (approximately US$9 million) or with assets exceeding F$20 million (approximately US$9 million);
- other entities that are publicly accountable (those that have debt or equity instruments on public issue or have coercive power to tax, rate or levy to obtain public funds) with annual turnover of at least F$5 million (approximately US$2 million); and
- entities with annual turnover of at least F$5 million (approximately US$2 million) and 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.
If the jurisdiction has NOT made a public statement supporting the move towards a single set of accounting standards and/or towards IFRS Standards as that set of standards, explain the jurisdiction's general position towards the adoption of IFRS Standards in the jurisdiction.
For DOMESTIC companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some domestic companies whose securities trade in a public market either required or permitted to use IFRS Standards in their consolidated financial statements?
If YES, are IFRS Standards REQUIRED or PERMITTED?
Does that apply to ALL domestic companies whose securities trade in a public market, or only SOME? If some, which ones?
Are IFRS Standards also required or permitted for more than the consolidated financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted in separate company financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted for companies whose securities do not trade in a public market?
Required for all entities that are large or publicly accountable. This includes:
- public companies, as defined in the Companies Act;
- companies that are majority-owned by the government;
- banking and financial institutions;
- superannuation, insurance, and insurance broking entities;
- government entities established under their own statute with annual turnover of at least F$5 million (approximately US$2 million);
- entities with annual group turnover of at least F$20 million (approximately US$9 million) or with assets exceeding F$20 million (approximately US$9 million);
- other entities that are publicly accountable (those that have debt or equity instruments on public issue or have coercive power to tax, rate or levy to obtain public funds) with annual turnover of at least F$5 million (approximately US$2 million); and
- entities with annual turnover of at least F$5 million (approximately US$2 million) and 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.
If the jurisdiction currently does NOT require or permit the use of IFRS Standards for domestic companies whose securities trade in a public market, are there any plans to permit or require IFRS Standards for such companies in the future?
For FOREIGN companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some foreign companies whose securities trade in a public market either REQUIRED or PERMITTED to use IFRS Standards in their consolidated financial statements?
If YES, are IFRS Standards REQUIRED or PERMITTED in such cases?
Does that apply to ALL foreign companies whose securities trade in a public market, or only SOME? If some, which ones?
Which IFRS Standards are required or permitted for domestic companies?
The auditor's report and/or the basis of presentation footnote states that financial statements have been prepared in conformity with:
Does the auditor's report and/or the basis of preparation footnote allow for ‘dual reporting’ (conformity with both IFRS Standards and the jurisdiction’s GAAP)?
Are IFRS Standards incorporated into law or regulations?
If yes, how does that process work?
If no, how do IFRS Standards become a requirement in the jurisdiction?
Does the jurisdiction have a formal process for the 'endorsement' or 'adoption' of new or amended IFRS Standards (including Interpretations) in place?
If yes, what is the process?
If no, how do new or amended IFRS Standards become a requirement in the jurisdiction?
Not applicable.