Extent of IFRS application | Status | Additional Information |
---|---|---|
IFRS Standards are required for domestic public companies | Required. | |
IFRS Standards are permitted but not required for domestic public companies | ||
IFRS Standards are required or permitted for listings by foreign companies | 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 | Required. | |
The IFRS for SMEs Standard is under consideration |
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:
Required for all entities that are large or publicly accountable. This includes:
Not applicable.