The Fiji Institute of Chartered Accountants (FICA) Council has announced that Fiji will not be able to implement two new global accounting standards until 2026. The standards in question, IFRS S1 and IFRS S2, were set to take effect from January 1, 2024. These standards focus on helping businesses report on sustainability and climate-related issues, aiming to enhance the transparency and consistency of sustainability reporting worldwide.
Sharvek Naidu, the chairman of FICA’s Standard Committee, indicated that after initial discussions with the council and various stakeholders, including the Prime Minister’s office, the decision was made to postpone the implementation for an additional three years, with the new adoption date likely being January 1, 2026.
This postponement is in line with recommendations from the FICA Standards Committee and has received endorsement from the FICA Council. The aim of this delay is to provide member organizations sufficient time to prepare for compliance with these standards.
Naidu noted that organizations that feel prepared to adopt IFRS S1 and S2 ahead of schedule are encouraged to do so, as early adoption can align them with international best practices more quickly. He expressed hope that this deferral would facilitate a smoother transition for all members and stakeholders involved, ensuring a successful implementation of these critical standards.