Public Notice: IFRS 17 – Insurance Contracts and Samoa’s Adoption Process

SUÁ & Associates wishes to advise clients, regulators, and the public that Samoa is preparing for the formal adoption of IFRS 17 – Insurance Contracts, following global implementation of the standard by the International Accounting Standards Board (IASB) for annual reporting periods beginning on or after 1 January 2023.

In Samoa, the adoption of international standards occurs only through formal approval by the Samoa Institute of Accountants (SIA). SIA is currently conducting sector-wide consultations, and industry training sessions have been scheduled for December 2025 to ensure adequate readiness across preparers, auditors, regulators, and insurers.

SUÁ & Associates explores the major reform introduced by IFRS 18, replacing IAS 1 and reshaping how financial performance is presented and disclosed.
The papers explain new profit-and-loss categories, mandatory subtotals, management performance measure disclosures, and the implications for preparers and auditors ahead of the 2027 effective date.

Technical Summary: IFRS 18 — Presentation and Disclosure in Financial Statements

Overview

The International Accounting Standards Board (IASB) issued IFRS 18 in April 2024, marking one of the most significant updates to financial statement presentation in over two decades.
It replaces key sections of IAS 1 Presentation of Financial Statements and introduces a more structured, comparable, and transparent way to communicate financial performance.

IFRS 18 becomes effective for annual reporting periods beginning on or after 1 January 2027, with early adoption permitted.

  1. Objective of IFRS 18

The purpose of IFRS 18 is to:

  • Improve consistency and comparability in income statement presentation.
  • Strengthen communication of financial performance through standardized subtotals.
  • Increase transparency around management’s own performance measures.
  • Reduce “clutter” and over-aggregation in financial statements.
  1. Key Changes from IAS 1

Su’a and Associates (Chartered Accountants) has announced a rebrand and return to its founding name following the appointment of former partner, Pauga Talalelei Pauga, as Minister of Revenue and the Audit Office. Read more >> Click here Samoa Observer 

Apia, Samoa — September 17, 2025
Su’a & Associates Chartered Accountants proudly congratulates our former Partner, Hon.
Pauga Talalelei Pauga, on his recent election and swearing-in as the Minister of Audit &
Revenue.
In light of this significant national appointment, and in order to protect the independence,
objectivity, and integrity of both the Ministry and our professional practice, Hon. Pauga has
formally stepped down from his role as Partner of the firm. >> Read More click here

Apia – The International Accounting Standards Board (IASB) has issued IFRS 18 – Presentation and Disclosure in Financial Statements, a landmark reform that redefines how financial performance is presented globally. Sua ma Pauga – Chartered Accountants is proud to support this important development and confirms its attendance at the upcoming IFRS 18 Implementation Conference in London in June 2025.

IFRS 18 becomes effective for annual periods beginning on or after 1 January 2027, replacing IAS 1. It introduces structural changes to the statement of profit or loss to enhance comparability, transparency, and the relevance of financial information for investors, regulators, and stakeholders.

On March 6–7, 2025, Suá ma Pauga Chartered Accountants had the privilege of attending the Audit Assistant Conference in Auckland, represented by Sua and Nonu Willima.

As long-time users of Audit Assistant since 2015, our firm remains committed to staying ahead of industry developments and contributing to the evolution of auditing standards. This year’s conference featured high-level discussions and presentations from industry leaders covering key topics, including:

  •  Scaling Your Practice – Strategies for expanding an audit firm while maintaining efficiency and high-quality standards. (Cameron)
  •  Running an Efficient Micro-Practice – Best practices for managing a small audit firm while balancing workload, compliance, and profitability. (Laura A.)



Templates for the audit of Less Complex Entities.

For many auditors of smaller entities (small charities, clubs and companies, for example), a major difficulty is how to adhere to auditing standards which are designed primarily for larger entities.

Given the time and budget constraints that auditors face, this can cause some auditors to go into autopilot and tick off checklists rather than clearly identifying, assessing, and addressing audit risks.

Stakeholder event—Disclosures about transition plans

  • To discuss the approach for developing an IFRS guidance document to support
    the application of the requirements in IFRS S2 Climate-related Disclosures about
    transition plans. Read more >> View Full PDF Event Click here

For periods beginning on or after 15 Dec 2023 (effectively year ended 31 December 2024) there is a new standard for Group Audits.
Early adoption is permitted, so we have proactively updated relevant templates for the new standard.

What has changed?

The problem with group audits is that often we are comparing apples with oranges. Some components are very different in size and flavour. The new standard attempts to make this easier by viewing the whole group through the lens of the whole fruit bowl, rather than getting overly obsessed with the spots on one of the bananas.

Public Consultation Awareness on Samoa National Provident Fund's Healthcare Scheme 

Why Healthcare Scheme? 

Part 13 and Part 14 of the 1972 SNPP Amendment Act in 2010 >>> Read PDF Presentation Click here 

  1. IASB to issue IFRS 18 Presentation and Disclosure in Financial Statements
  2. Using the SASB Standards to meet the requirements in IFRS S1
  3. The 8th IMF High Level Central Bank Governance Forum in Dubai
  4. IASB to issue IFRS 18 Presentation and Disclosure in Financial Statements
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