The South Pacific Stock Exchange (SPX) has made a significant move to bolster capital market standards by signing a memorandum of understanding (MOU) with the Fiji Institute of Chartered Accountants (FICA). This partnership aims to enhance the financial reporting standards of companies listed on the SPX, benefitting both investors and the broader public.
SPX chairman Nitin Gandhi emphasized the importance of collaboration in growing the capital market in Fiji, stating that it is crucial for investors to be informed and confident in their financial decisions. The MOU is seen as a progressive step towards improving transparency and governance in Fiji’s capital markets, ultimately fostering investor trust.
As the official standard-setting body for International Financial Reporting Standards (IFRS) in Fiji, FICA will play a vital role in ensuring that listed companies meet these international standards. FICA president Wiliki Takiveikata expressed the importance of this partnership, highlighting a structured approach to enhance financial reporting standards for SPX-listed companies. Currently, the SPX has 20 listed companies, and this collaboration is expected to lead to notable advancements in capital markets development.
This strategic initiative underscores the commitment of both organizations to elevate financial accountability and investor confidence in Fiji’s financial landscape, which is promising for the future of investment in the region.
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