The Fiji Institute of Chartered Accountants (FICA) Council has stated that Fiji can’t implement two recent accounting standards being used worldwide until 2026.
These standards are the IFRS S1 and IFRS S2 that was scheduled to become effective from January 1, 2024.
IFRS S1 and IFRS S2 help businesses report on sustainability and climate-related issues and these standards are crafted to enhance the transparency and consistency of sustainability reporting worldwide.
“Based on preliminary discussions at council and with various other stakeholders including the PM’s office, we believe that the standards would be delayed for a further three years with adoption likely from 1 January 2026,” states Sharvek Naidu, chairman of FICA’s Standard Committee.
“This decision has been made in alignment with the recommendations provided by the FICA Standards Committee and endorsement by the FICA Council. The deferral aims to provide our members and their organisations with adequate time to prepare for compliance with these new standards.”
Mr Naidu said organisations that are ready to adopt IFRS S1 and S2 earlier can proceed.
“Early adoption is welcome and may benefit organisations by aligning them with international best practices sooner.
“We trust that this deferral will allow all members and stakeholders to better manage the transition and ensure a smooth and effective implementation of these important standards.”
