Fiji

Corporate financial reporting requirements for companies in Fiji are primarily set out in the Companies Act 1984, as revised by the Companies Act 2015. The Act establishes requirements for the preparation of financial statements, audit, and corporate reporting obligations for both private and public companies. The amendments introduced in 2015 established a differentiated financial reporting framework, distinguishing between companies based on their size and public accountability.

The Fiji Institute of Chartered Accountants (FICA), established under the Fiji Institute of Chartered Accountants Act 2021, is responsible for adopting accounting and auditing standards in the jurisdiction. FICA has adopted International Financial Reporting Standards (IFRS) and IFRS for Small and Medium-sized Entities (IFRS for SMEs) for application in Fiji. IFRS are required for application by large private companies and public companies as defined under the Companies Act. In addition, certain entities with public interest characteristics, including banking and financial institutions, companies majority-owned by the government, superannuation funds, insurance companies, and insurance broking entities, are also required to apply IFRS. IFRS for SMEs are required for application by small and medium-sized private companies.

Under the Companies Act, public companies and medium and large private companies are required to have their financial statements audited. Audits are conducted in accordance with the International Standards on Auditing (ISA) adopted by FICA for application in the jurisdiction.

The accountancy profession in Fiji is regulated by the Fiji Institute of Chartered Accountants (FICA) under the Fiji Institute of Chartered Accountants Act 2021, which continued the former Fiji Institute of Accountants and established FICA as the statutory body responsible for regulating the profession. Under the Act, FICA’s responsibilities include maintaining a register of professional accountants, determining registration requirements, regulating the practice of accountancy, establishing professional and ethical standards for members, setting initial professional development and continuing professional development requirements in alignment with international education requirements, and establishing and administering an investigative and disciplinary (I&D) system. In addition, FICA is responsible for adopting accounting and auditing standards in Fiji and issuing professional requirements applicable to its members.

The Fiji Institute of Chartered Accountants Regulations 2022 supplement the Act and provide more detailed provisions on admissions, recognized tertiary institutions and qualifications, practical experience requirements, and certification for public practice. Under the regulatory framework, individuals may apply for admission to FICA in several membership categories, including Chartered Accountant (CA), Associate Accountant, Accounting Technician, and Fellow. Individuals seeking to qualify as Chartered Accountants must meet the educational and practical experience requirements prescribed by FICA and comply with the Institute’s professional standards.

Public practice is restricted to appropriately licensed members. Members wishing to offer services to the public must obtain a Certificate of Public Practice (CPP) issued by FICA, while a Certificate of Limited Public Practice authorizes the provision of specified professional services other than statutory audit. External audits in Fiji may only be conducted by Chartered Accountants who hold a valid Certificate of Public Practice. Members who hold a Certificate of Public Practice are subject to additional regulatory requirements, including practice review arrangements administered by FICA.

FICA also establishes continuing professional education requirements for its members through its by-laws and professional pronouncements. In addition, FICA recognizes certain overseas professional accountancy qualifications and may admit individuals to membership where their professional bodies are recognized by the Institute, subject to the Institute’s admission requirements.

There is currently no independent audit oversight authority in Fiji. Oversight of the audit profession is carried out through the professional regulatory framework administered by the Fiji Institute of Chartered Accountants (FICA) under the Fiji Institute of Chartered Accountants Act 2021.

Under this framework, only Chartered Accountants (CAs) who hold a valid Certificate of Public Practice (CPP) issued by FICA are permitted to conduct statutory audits. Members who hold a CPP are subject to additional regulatory requirements established by the Institute.

FICA is responsible for maintaining the register of professional accountants, regulating the practice of accountancy, establishing professional and ethical requirements for its members, setting continuing professional education requirements, and administering an investigative and disciplinary system.

FICA also operates a peer review program for members who hold a Certificate of Public Practice. The program provides a mechanism for independent review of audit practitioners’ work and supports the monitoring of compliance with applicable auditing and professional standards.

The Fiji Institute of Chartered Accountants (FICA) is the national professional accountancy organization in Fiji and the successor to the Fiji Institute of Accountants. FICA operates under the Fiji Institute of Chartered Accountants Act 2021, which establishes the Institute and sets out its functions and responsibilities.

Under the Act, FICA is responsible for maintaining a register of professional accountants, determining admission requirements, regulating the practice of accountancy, promoting high standards of professional conduct, and supporting the education and development of professional accountants in Fiji. The Institute also establishes continuing professional education requirements for its members and administers an investigative and disciplinary system.

FICA is responsible for adopting accounting and auditing standards applicable in Fiji and issuing professional requirements for its members, including ethical requirements through its by-laws and professional pronouncements. The Institute also administers a peer review program for members who hold a Certificate of Public Practice (CPP). External audits in Fiji may only be conducted by Chartered Accountants who hold a valid CPP issued by FICA.

FICA is a member of the International Federation of Accountants (IFAC) and the Confederation of Asian and Pacific Accountants (CAPA).

The Fiji Institute of Chartered Accountants (FICA) is responsible for the quality assurance review system for audit practitioners in Fiji. Under the professional regulatory framework established by the Fiji Institute of Chartered Accountants Act 2021, statutory audits may only be conducted by Chartered Accountants (CAs) who hold a valid Certificate of Public Practice (CPP) issued by FICA.

FICA operates a Peer Review Program for members who hold a Certificate of Public Practice. The program provides for independent reviews of audit practitioners’ work and is designed to monitor compliance with applicable auditing standards and professional requirements.

FICA’s Peer Review Program commenced its first reviews in 2013 and has continued since then. FICA reports that its Peer Review Program is aligned with SMO 1 requirements including the adoption of ISQM 1

Current Status: Adopted

The Fiji Institute of Accountants Act of 1971 (now the Fiji Institute of Chartered Accountants Act 2021) establishes initial professional development and continuing professional development requirements for professional accountants and authorizes the Fiji Institute of Chartered Accountants (FICA) to implement these requirements. As of May 2024, FICA reports that its education and training framework is aligned with the International Education Standards (IES) issued by IFAC.

Current Status: Adopted

Under the Fiji Institute of Chartered Accountants Act 2021, the Fiji Institute of Chartered Accountants (FICA) is responsible for adopting auditing standards in Fiji. FICA has adopted the International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB) for application in statutory audits conducted in Fiji. ISA are adopted as issued by the IAASB and are required to be applied in all mandatory audits conducted under the Companies Act. Accordingly, ISA adoption in Fiji is assessed as Adopted.

Current Status: Adopted

Under the Fiji Institute of Chartered Accountants Act 2021, the Fiji Institute of Chartered Accountants (FICA) is responsible for establishing ethical requirements for professional accountants in Fiji. FICA has adopted the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA). The Code is adopted as issued by the standard-setter and applies to all professional accountants regulated by the Institute. Accordingly, the Code is assessed as Adopted.

Current Status: Adopted

The Fiji Institute of Chartered Accountants (FICA) does not have direct responsibility for establishing public sector accounting standards in Fiji.

Public sector financial reporting requirements are determined by the government. According to available information, the Office of the Auditor-General of Fiji has adopted the Cash Basis International Public Sector Accounting Standards (IPSAS) issued by the International Public Sector Accounting Standards Board (IPSASB) for the preparation of government financial statements.

There are currently no plans to transition to accrual-basis IPSAS.

Government majority-owned companies and certain statutory entities with annual turnover above a specified threshold are required to prepare their financial statements in accordance with International Financial Reporting Standards (IFRS).

Current Status: Partially Adopted

Under the Fiji Institute of Chartered Accountants Act 2021, the Fiji Institute of Chartered Accountants (FICA) is responsible for establishing and administering an investigative and disciplinary (I&D) system for its members.

The Act provides the legal framework for handling complaints against members and outlines the procedures for investigation and disciplinary action. FICA has established an Investigation Committee and a Disciplinary Committee to carry out the functions of the I&D process. The Investigation Committee is responsible for investigating complaints against members, while the Disciplinary Committee is empowered to impose sanctions, including reprimands, suspension of membership, financial penalties, and removal from the register of members.

Although the FICA has established an I&D system for its members, and reports alignment with most of the requirements of SMO 6 except that the results of the investigation and disciplinary cases are not made public.

Current Status: Partially Adopted

Corporate financial reporting requirements for companies in Fiji are primarily established under the Companies Act 1984, as revised by the Companies Act 2015, which requires companies to apply accounting standards adopted for use in the jurisdiction.

Under the Fiji Institute of Chartered Accountants Act 2021, the Fiji Institute of Chartered Accountants (FICA) is responsible for adopting accounting standards in Fiji. FICA has adopted International Financial Reporting Standards (IFRS) and IFRS for Small and Medium-sized Entities (IFRS for SMEs) issued by the International Accounting Standards Board (IASB) for application in the preparation of financial statements.

IFRS are required for application by public companies and large private companies as defined under the Companies Act. In addition, banking and financial institutions, companies majority-owned by the government, superannuation funds, insurance companies, and insurance broking entities are also required to apply IFRS. IFRS for SMEs are required for application by small and medium-sized private companies.

Current Status: Adopted

Relevant Organizations

• Fiji Institute of Chartered Accountants (FIA)

Relevant Legislation

• Fiji Companies Act, 2015
• Fiji Institute of Chartered Accountants Act, 2021
• Fiji Institute of Accountants By-Laws

Relevant Publications

• Fiji Institute of Accountants, 2014 Annual Report.
• Fiji Institute of Accountants, SMO Action Plan, July 2017.
• IFRS Foundation, “IFRS Application Around the World?Jurisdictional Profile: Fiji,” June 2016.
• Pacific Legal Network, “Fiji Companies Act 2015: What it means,” March 2016.