International Federation of Accountants

Suriname

Member Organizations

Member Organization Associate

  Suriname Chartered Accountants Institute

Legal and Regulatory Environment

  • Overview of Statutory Framework for Accounting and Auditing

    The Law on the Financial Statements (2017) came into effect on January 1, 2020 and establishes basic financial reporting and auditing requirements. The law sets out the accounting and financial reporting framework to be used; identifies responsible parties for the preparation, approval, and distribution of financial statements; and defines classes of companies based on size.

    The Central Bank of Suriname is responsible for prudential supervision of financial institutions, including banks, insurance companies, pension funds, and credit unions. However, neither the Bank Act nor regulations adopted by the Central Bank mandates the specific accounting standards to be followed by those financial institutions.

    Based on the Law on the Financial Statements (2017), the following financial reporting requirements came into effect in 2020. All large corporations and public interest entities (PIEs) are required to prepare financial reports in accordance with IFRS as issued by the International Accounting Standards Board. Large corporations are defined as entities which meet two of the three criteria: (i) greater than SRD 12 million total value of assets; (ii) greater than SRD 24 million net revenue; or (iii) more than 50 full-time employees. PIEs are legally defined as companies that have such a social interest that inadequate management and financial accountability can negatively influence the public’s trust. Included in the definition of PIEs are: listed entities, banks, financial institutions, insurance companies, pension funds and stated owned entities.

    All small- and medium-sized companies are required to apply IFRS for small- and medium-sized enterprises (SMEs) and have until 2021 to transition to the IFRS for SMEs. Medium sized entities are defined as entities which meet two of the three criteria: (i) greater than SRD 3 million but less than SRD 12 million total value of assets; (ii) greater than SRD 6 million but less than SRD 24 million of net revenue; or (iii) greater than 20 but less than 50 full-time employees. Small entities on the other hand are defined as entities with: (i) less than SRD 3 million total value of assets, (ii) less than SRD 6 million net revenue, or (iii) less than 20 employees.

    As of the date of the assessment, the government is reviewing the criteria for qualifying as a large or medium-sized company within the Law on Financial Statements. The new criteria and amended mandatory implementation date of IFRS is expected to be announced in 2022.

    The Law on the Financial Statements (2017) also sets requirements and thresholds for statutory audits. All large corporations, medium-sized legal entities, and PIEs are required to undergo a statutory audit. The Law on Accountancy of 2018 designates the Suriname Chartered Accountants Institute (SCAI) as the audit standard-setter for all companies. SCAI requires the application of NBA Netherlands’ translated version of ISA which are translated on an ongoing manner. Therefore, SCAI uses direct Dutch translations of ISA, ISRE, ISAE, and ISARS.

  • Regulation of Accountancy Profession

    The Suriname Chartered Accountants Institute (SCAI) is the main regulator of the accountancy profession. It was established through the Law on Accountancy of 2018 and membership in the institute is mandatory for all professional accountants seeking to work in public practice.

    The Law on Accountancy of 2018 stipulates initial professional development (IPD) requirements and delegates authority to SCAI to establish continuing professional development (CPD) requirements.

    To enter the profession, students must first complete a degree in accounting offered by universities and higher education providers in Suriname. To practice in Suriname, all professional accountants with a Chartered Accountant (CA) qualification must join SCAI. Foreign professional accountants with a chartered accountant qualification other than a CA must complete SCAI’s CA training program which was launched in April 2019. This program came is a result of a Memorandum of Understanding (MoU) signed in 2018 between SCAI, a university in the Netherlands called ZUYD Hogeschool, and a certified and accredited educational institute in Suriname called UNASAT. The CA qualification is granted to the candidates after completing the local educational program and attaining three years of practical experience. Candidates for membership in SCAI must also be members of the Association of Chartered Certified Accountants (ACCA), NBA Netherlands, or the American Institute of Certified Public Accountants (AICPA) and are subject to their educational requirements.

    To remain members in good standing, individuals are required to (i) pay annual membership fees; (ii) complete CPD requirements; (iii) pay CPD course fees; and (iv) provide proof that they do not have any disciplinary sanctions or criminal convictions.

    The Law on Accountancy of 2018 empowers SCAI with the mandate to: (i) maintain a registry of its members; (ii) issue audit and chartered accountant licenses; (iii) establish CPD requirements; (iv) adopt accounting and auditing standards; (v) establish ethical requirements; (vi) conduct an investigative and disciplinary system with the Ministry of Justice; and (vii) develop and conduct a mandatory quality assurance review system.

  • Audit Oversight Arrangements

    At present, there is no independent audit oversight agency in Suriname. Auditors in Suriname are regulated by the Suriname Chartered Accountants Institute (SCAI) which was established through the Law on the Financial Statements (2017).

    Please refer to the

  • Professional Accountancy Organizations

    The Suriname Chartered Accountants Institute (SCAI)

    The institute was first operational in 2007 under the name Suriname Institute of Chartered Accountants (SUVA) and was renamed the Suriname Chartered Accountants Institute (SCAI) under the Law on Accountancy of 2018.

    The institute operates as a mandatory membership organization for all professional accountants seeking to work in public practice—auditors and chartered accountants. The Law on Accountancy of 2018 empowers SCAI with the mandate to: (i) maintain a registry of its members; (ii) issue audit and chartered accountant licenses; (iii) establish continuing professional development requirements; (iv) adopt accounting and auditing standards; (v) establish ethical requirements; (vi) conduct an investigative and disciplinary system with the Ministry of Justice; and (vii) develop and conduct a mandatory quality assurance review system.

    SCAI is an IFAC Associate and a full member of the Institute of Chartered Accountants of the Caribbean.

Adoption of International Standards

  • Quality Assurance

    The Law on Accountancy of 2018 delegates authority to the Suriname Chartered Accountants Institute (SCAI) to develop and conduct a mandatory quality assurance (QA) review system in the jurisdiction. The QA review system has been established, but not yet operational.

    SCAI has signed an agreement with NBA Netherlands for support with implementation of the QA review system between 2022-2026. The overarching objective of the partnership is for SCAI to operate the QA review system by 2026.

    All members of SCAI are required to be members of the Association of Chartered Certified Accountants (ACCA), NBA Netherlands, or the American Institute of Certified Public Accountants (AICPA) and are eligible to be subject to their QA review systems which are in line with SMO 1 requirements.

    Current Status: Partially Adopted

  • International Education Standards

    The Law on Accountancy of 2018 stipulates initial professional development (IPD) requirements and delegates authority to SCAI to establish continuing professional development (CPD) requirements.

    To enter the profession, students must first complete a degree in accounting offered by universities and higher education providers in Suriname. To practice in Suriname, all professional accountants with a Chartered Accountant (CA) qualification must join SCAI. Foreign professional accountants with a chartered accountant qualification other than a CA must complete SCAI’s CA training program which was launched in April 2019. This program came is a result of a Memorandum of Understanding (MoU) signed in 2018 between SCAI, a university in the Netherlands called ZUYD Hogeschool, and a certified and accredited educational institute in Suriname called UNASAT. The CA qualification is granted to the candidates after completing the local educational program and attaining three years of practical experience. Candidates for membership in SCAI must also be members of the Association of Chartered Certified Accountants (ACCA), NBA Netherlands, or the American Institute of Certified Public Accountants (AICPA) and are subject to their educational requirements. These named PAOs report that their IPD and CPD requirements are in line with the revised 2019 IES requirements.

    As of 2021, a new system known as the permanent education (PE) portfolio system—developed in line with IES 7 requirements—has been introduced which changed from an input-based approach to a mainly output-based approach.

    As of the date of the assessment, educational requirements at the jurisdiction level are aligned with 2019 revised IES.

    Current Status: Adopted

  • International Standards on Auditing

    The Law on Accountancy of 2018 designates the Suriname Chartered Accountants Institute (SCAI) as the audit standard-setter for all companies. SCAI requires application of the NBA Netherlands’ Dutch translations of ISA which are translated in an ongoing manner. Therefore, SCAI uses direct translations of ISA, ISRE, ISAE, and ISARS.

    Current Status: Adopted

  • Code of Ethics for Professional Accountants

    In accordance with the Law on Accountancy of 2018, the Suriname Chartered Accountants Institute (SCAI) is responsible for adopting ethical requirements for all professional accountants.

    SCAI, in compliance with the Law on Accountancy of 2018, has developed its own code of ethics based on the 2018 International Code of Ethics issued by the IESBA and plans to update it based on the 2021 International Code of Ethics in 2022.

    Current Status: Partially Adopted

  • International Public Sector Accounting Standards

    The Ministry of Finance is responsible for the adoption of public sector accounting standards.

    The Suriname Chartered Accountants Institute (SCAI) reports that as of the date of the assessment the government uses a cash basis form of accounting. Nevertheless, SCAI reports that the government is considering adoption of IPSAS in the future, but a formal plan and timeline has not yet been published.

    Current Status: Not Adopted

  • Investigation and Discipline

    In accordance with the Law on Accountancy of 2018, the Suriname Chartered Accountants Institute (SCAI) is responsible for establishing an investigative and disciplinary (I&D) system with the Ministry of Justice for all professional accountants. SCAI is in the process of forming an I&D committee that will develop a strategy plan for implementation of the I&D system using SMO 6 requirements. Once the I&D committee is established, the I&D system’s date of operation will subsequently be determined.

    According to the Law on Accountancy of 2018, the Ministry of Justice determines the composition of the Disciplinary Board—which will consist of three (3) members; two of which are retired accountancy professionals that are members of SCAI with at least ten years of experience, and one that is a member of the Ministry of Justice. The law also stipulates that both SCAI and the Ministry of Justice will be responsible for establishing an Investigations Committee.

    In the meantime, all members of SCAI are required to be members of the Association of Chartered Certified Accountants (ACCA), NBA Netherlands, or the American Institute of Certified Public Accountants (AICPA) and be subject to their respective I&D systems which are in line with SMO 6 requirements.

    Current Status: Partially Adopted

  • International Financial Reporting Standards

    The Law on the Financial Statements (2017) stipulates that all large corporations and public interest entities (PIEs) are required to prepare financial reports in accordance with IFRS as issued by the International Accounting Standards Board.

    Large corporations are defined as entities which meet two of the three criteria: (i) greater than SRD 12 million total value of assets; (ii) greater than SRD 24 million net revenue; or (iii) more than 50 full-time employees. PIEs are legally defined as companies that have such a social interest that inadequate management and financial accountability can negatively influence the public’s trust. Included in the definition of PIEs are: listed entities, banks, financial institutions, insurance companies, pension funds and stated owned entities.

    All small- and medium-sized companies are required to apply IFRS for small- and medium-sized enterprises (SMEs) and were given until 2021 to transition to the IFRS for SMEs. Medium sized entities are defined as entities which meet two of the three criteria: (i) greater than SRD 3 million but less than SRD 12 million total value of assets; (ii) greater than SRD 6 million but less than SRD 24 million of net revenue; or (iii) greater than 20 but less than 50 full-time employees. Small entities on the other hand are defined as entities with: (i) less than SRD 3 million total value of assets, (ii) less than SRD 6 million net revenue, or (iii) less than 20 employees).

    As of the date of the assessment, the government is reviewing the criteria for qualifying as a large or medium-sized company within the Law on Financial Statements. The new criteria and amended mandatory implementation date of IFRS is expected to be announced in 2022.

    Current Status: Adopted

Disclaimer

IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.

 

Methodology

Methodology
Last updated: 08/2022
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