International Financial Reporting Standards
The global accounting language issued by the International Accounting Standards Board (IASB). We prepare and review full IFRS financial statements for larger and public-interest entities.
Standards & quality
International standards. Applied with local understanding.
Our objective is to help organisations meet their financial, operational and statutory obligations through professional services delivered in line with IFRS, ISA and GAAP, as adopted by CPA Papua New Guinea.
The frameworks we work to
Financial information your stakeholders can trust.
Papua New Guinea has adopted IFRS Standards and the IFRS for SMEs Standard, putting PNG financial reporting on the same footing as more than 140 jurisdictions worldwide.
IFRS for SMEs Accounting Standard
A simplified, self-contained version of IFRS designed for smaller entities without public accountability – reducing reporting burden while keeping statements credible and comparable.
International Standards on Auditing
Issued by the IAASB, ISAs set out how audits are planned, performed and reported. Our audits and reviews are conducted in accordance with these standards.
Generally Accepted Accounting Principles
Applied as adopted by CPA Papua New Guinea, the professional body that sets requirements for Certified Practising Accountants in PNG.
Companies Act 1997
We help companies meet their record-keeping, financial statement and annual-return obligations, and understand whether they are a reporting entity.
PNG tax compliance
We support accurate, timely lodgement and payment of income tax, GST and Salary & Wages Tax obligations administered by the Internal Revenue Commission.
Quality & ethics
Professional principles in every engagement.
We uphold the highest professional ethics in everything we do. As Certified Practising Accountants we are guided by the fundamental principles of professional ethics recognised internationally:
- Integrity – straightforward and honest in all professional relationships.
- Objectivity – no bias, conflict of interest or undue influence.
- Professional competence & due care – current knowledge and diligent work.
- Confidentiality – your information is never disclosed without proper authority.
- Professional behaviour – compliance with laws and regulations.
How we assure quality
- Engagement acceptanceIndependence and conflict checks before we accept work.
- Clear termsA written engagement letter agreeing scope, framework, timing and responsibilities.
- Right expertiseOur core team is supplemented by specialist consultants as each engagement requires.
- ReviewWork is reviewed by a CPA before anything is issued to you.
- DocumentationWorking papers retained securely to support every conclusion.
What’s changing
Reporting changes to prepare for.
International standards continue to evolve. These upcoming changes may affect how your financial statements look – we can help you assess the impact early.
Effective 1 January 2027
IFRS 18 – Presentation and Disclosure in Financial Statements
Replaces IAS 1 for entities reporting under full IFRS. Introduces defined subtotals and categories in the income statement (operating, investing, financing), disclosure of management-defined performance measures and stronger rules on aggregation.
Effective 1 January 2027
IFRS for SMEs – Third edition
The most significant update to the SME standard to date, including a revised revenue section based on the five-step model in IFRS 15 and new guidance on fair value measurement. Early application is permitted.
Emerging practice
Sustainability reporting (IFRS S1 & S2)
Global baseline standards for sustainability and climate-related disclosures from the ISSB. Increasingly requested by investors and development partners even where not yet mandatory.
This page provides general information only and is not professional advice. Contact us to discuss how these requirements apply to your organisation.
Not sure which framework applies to you?
We’ll review your organisation’s obligations and recommend the right reporting approach.