MEDIA STATEMENT- TLTB ACHIEVES FULL COMPLIANCE WITH IFRS STANDARDS – A LANDMARK MILESTONE IN FINANCIAL GOVERNANCE

The iTaukei Land Trust Board (TLTB) is proud to announce the successful completion and approval of its 2024 Financial Statements, prepared for the first time in full conformity with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). This marks a historic advancement in the Board’s commitment to world class financial reporting, governance, and accountability.

Hon Ifereimi Vasu, TLTB Chairman, and Minister of Taukei Affairs said in achieving this milestone, TLTB also confirms the adoption of the accrual basis of accounting for all financial transactions—transitioning from the previous cash basis of income recognition. This shift represents a transformative enhancement in the accuracy, transparency, and reliability of the Board’s financial information

The alignment of TLTB’s financial reporting with IFRS ensures consistency with globally recognised accounting frameworks. This significant step elevates the Board’s financial credibility and positions the organisation alongside international best practice institutions.

Hon. Vasu said, “This achievement represents a new era of financial excellence for TLTB. Preparing our Financial Statements in full compliance with IFRS demonstrates our unwavering dedication to transparency, accountability, and global standards of governance. As Chairman, I commend our management and teams for their hard work in reaching this landmark milestone.”

Under the accrual basis of accounting, revenues and expenses are recognised when they are earned or incurred—not merely when cash is received or paid. This provides a clearer and more comprehensive view of TLTB’s true financial performance and position.

Benefits of the accrual basis include:

• More accurate financial reporting, reflecting real-time economic activity.

• Greater transparency for landowners, partners, regulators, and auditors.

• Stronger decision-making capability for management and the Board

TLTB continues to invest in modern financial systems, capacity-building, and robust internal processes to maintain ongoing compliance with IFRS and uphold the highest standards of corporate governance.

The Board extends its appreciation to management, staff, auditors, and stakeholders whose support made this achievement possible.

Hon Ifereimi Vasu

TLTB Chairman & Minister of iTaukei Affairs