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Suriname Embraces Flexibility in Accounting Standards

In a move towards greater flexibility, Suriname has announced that it will permit domestic and foreign companies whose debt or equity securities trade in a public market to use International Financial Reporting Standards (IFRS) Accounting Standards in their consolidated financial statements.

A Flexible Approach

According to the country’s laws and regulations, IFRS Standards are not required, nor explicitly permitted, but rather left up to individual companies to decide whether to adopt them. This approach has been welcomed by Suriname’s business community, which sees it as a way to promote greater consistency and transparency in financial reporting.

Companies Already Adopting IFRS

Twelve listed companies on the Suriname Stock Exchange have already taken advantage of this flexibility, choosing to use IFRS Standards in their consolidated financial statements. Furthermore, foreign companies whose securities trade in a public market are also permitted to use IFRS Accounting Standards, as long as they do not contravene the country’s laws and regulations.

Government Position

The Suriname government has not yet explicitly endorsed IFRS Accounting Standards, but it has not prohibited them either. This means that companies can choose whether or not to adopt IFRS Standards, giving them greater flexibility in their financial reporting.

World Bank Recommendation

In a related development, the World Bank has recommended that Suriname consider adopting the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) Accounting Standard, which is designed to be more straightforward and easier to apply than full IFRS. However, this recommendation has not yet been acted upon by the government.

A Bright Future

Despite this, Suriname’s business community remains optimistic about the country’s accounting standards regime, seeing it as a way to promote greater transparency and consistency in financial reporting. As the country continues to develop its economy, it is likely that we will see further moves towards adopting IFRS Accounting Standards in the future.