Papua New Guinea newly reconstituted standards setter reiterates IFRS adoption

Papua New Guinea has reconfirmed its adoption of IFRS and IFRS for SMEs as the national standards setter is reconstituted.

The Accounting Standards Board of Papua New Guinea (ASBPNG) was originally established by the Companies Act 1997 in 1998 and was formally reconstituted in May 2017 after inactivity for a period of more than nine years.  

At its first meeting last year, the ASBPNG reconfirmed the adoption of IFRS and IFRS for SMEs on a mandatory basis for listed companies and on voluntary basis for non-listed companies.