The Fiji Institute of Accountants has adopted IFRSs for all accounting periods beginning from 1 January 2007 for all entities that fall within the following categories:

· Public companies, as defined in the Companies Act*;

· Government majority owned entities;

· Banking and financial institutions;

· Superannuation, insurance, and insurance broking entities;

· Government entities established under their own statute;

· Entities with annual group turnover of at least F$20m (US$13m) or with assets exceeding F$20m (US$13m);

· Entities that are publicly accountable (which have debt or equity instruments on public issue or have coercive power to tax, rate, or levy to obtain public funds); and

· Entities where any of the above listed entities have significant influence (through more than 20 per cent ownership), as equity accounting would be applicable for the parent company reporting.

*Public companies, as defined in the Companies Act, are companies that do not restrict transfer of shares, and have minimum 7 shareholders. There is no limit on the maximum number of shares. All listed companies on the South Pacific Stock Exchange (in Fiji) are public companies, as are all unlisted companies that are incorporated or converted as public companies in accordance with the Companies Act.