South Pacific Stock Exchange is a stock market it facilitates a company’s raising capital through

the issue of new shares. SPSE has many listed companies out of which this report is going to
present about FMF Foods Limited. Flour Mills of Fiji Foods Limited (FMF Foods Ltd) involves
in milling and manufacturing of food products in Fiji. Only since 1073 Fiji started getting flour
that are milled right here in Fiji. FMF was first setup as “Suva Flour Mills Co Ltd”. Later it
changed its name to “Flour Mills of Fiji Ltd”. In consideration, FMF is a limited liability
company and has its two subsidiary companies listed on South Pacific Stock Exchange which are
Rice company of Fiji Limited and Atlantic & Pacific Packaging Co Ltd. Firstly, this report
elaborates as to how FMF is a reporting entity, the users of FMF Foods Limited’s financial
report and the types of decisions they make for the company. Secondly, this report will give a
light into the conceptual Framework’s Fundamental qualitative characteristics of financial
information and how these characteristics reflects the financial reports. Thirdly, this report will
also refer to relevant accounting standards of FMF Foods Limited, also with how fair value
relates to the measurement of assets and the methods used in valuing assets and also if it has
revalued its assets recently. Furthermore, this report will report will provide a detailed analysis of
FMF Foods Limited’s liquidity and financial stability over comparative periods. Finally, the
report will discuss how ‘Financial accounting is highly regulated’ and the regulations used by
FMF Foods Limited to compile the audited financial reports.

FMF is a reporting entity since there are users dependent on a general-purpose financial report to
gain an understanding of the financial position and performance of the entity to make decisions
based on this information. These users include the board of directors, directors, the executive
management auditors. The main users of company’s financial report are the shareholders. We
would consider that shareholders/ investors to be main users of financial reports of “FMF Fiji
Limited company as listed on South Pacific Stock Exchange. Currently, FMF has about 435
shareholders which of these thousand Fijians are indirect shareholders of FMF through FNPF
and unit Trust of Fiji” (Pratibha J, p.3). We consider shareholders as the main users of financial
reports as to decide on weather to invest on the company or not depending on its progress and
profits made during the year. The 435 shareholders of FMF require the financial statements to
assess the risk and returns of their investment in the company and take investment decisions
based on their analysis. These users need to access the viability of investing in a company and
predict the future dividends based on the profits. Answering the third question, choosing a group
of users and describing about the types of decisions they would make, for this we have chosen
directors the group of users and types of decisions they would make. The directors are the main
user making decisions and have more control over the company. Directors are elected by
shareholders at the Annual General Meeting. One third of the total strength of the Board, retire
by rotation each year and are eligible for re-election. Casual vacancies during the year are filled
up by the Board till the conclusion of the next Annual General Meeting. The directors of FMF
Fiji Limited make internal decisions based on running of company’s operation. The directors are
responsible for consolidating financial statements that gives a true and fair view in accordance
with international financial reporting standards with the requirements of the Fiji Companies Act.
In doing so the directors are responsible for assessing the company’s ability to continue as a
going concern and following all other financial concepts and characteristics (Pratibha, J. 13 July
2018, FMF: On stock exchange, Fiji Sun).
ABSTRACT
This report is going to refer to South Pacific Stock Exchange website and discuss the latest
annual report of its listed liability company which is FMF in order to meet all the questions
asked for the report. The method used to gather information was the internet sources referring
mainly to South Pacific Stock Exchange’s website. Other methods included online articles,
journals and other relevant sources. While preparing this report the key issue faced was lack of
connectivity and the liquidity to convert the company’s report into simpler terms.