Convergence of accounting standards in the South Pacific Island nations: the case of Fiji

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This study examines the relevance of the International Financial Reporting Standards (IFRSs) to emerging economies. Utilising the historical and institutional framework, it analyses the relevance ofIFRSs to an emerging economy - Fiji - by identifying the specific needs for accounting information in the domestic economy. The paper demonstrates that the needs and the nature of the social and economic systems of developed countries that are behind the formulation of the IFRSs are significantly different from those in Fiji. Since IFRSs are demonstrably designed primarily to suit the needs of developed countries, the relevance of IFRSs to emerging economies is in serious doubt. The context for the evolution of accounting in an emerging economy such as Fiji is different from that in developed countries. To supplement the evolution of such an accounting practice the paper identifies issues and recommendations that are associated with gaps or weaknesses in accounting and auditing arrangements in emerging economies
Original languageEnglish
Pages (from-to)269-290
Number of pages22
JournalJournal of Pacific studies
Issue number2
Publication statusPublished - 2005


  • accounting standards
  • Fiji


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