Airports Fiji Limited to meet accounting standards
May 24, 2018 12:40 am
The Airports Fiji Limited is engaging the independent accounting firms to review the asset reconciliation done by New Zealand Beca which is an engineering and management consultancy service company to meet the accounting standards.
New Zealand Beca provided the valuation report which increased the assets valuation of fixed asset from $242.2m to $440.6m following the Nadi Airport Terminal Modernization Project.
Airports Fiji Limited’s Senior Accountant Rohit Prasad while presenting the submission on the 2015 Audit Report on State Owned Entities and Statutory Authorities says the valuation exercise included the physical verification of assets as well.
“In March 2018, we have received a report from Beca on the revaluation of fixed assets of Fiji Airport so what we have done, we have reconciled that report with our fixed asset register”
Meanwhile, other issues that were clarified were the upgrading contract for Savusavu Terminal Building and the Nausori Airport Lights and Fittings.