"In November 2007, the Council of the Fiji Institute of Accountants approved the introduction of a F$5 million (US$3.25 million) turnover threshold for three categories of entity that would otherwise be required to follow IFRSs, allowing an option for smaller entities within those three categories to apply either IFRSs or the current Fiji Accounting Standards. The Institute had introduced a requirement starting 1 January 2007 for eight categories of entity to follow IFRSs."