Contact Us

Have a query? Give us a call or send us an email to schedule an appointment with one of our experts. You can also visit us at our address below. We are ready to help you at KTK – where service matters.

HEAD OFFICE

The Lodge, Level 3,
Brampton St
Granville NCD 121

PO Box 111
Waterfront NCD 121
Papua New Guinea

ARAWA

Arevai Commercial Centre, Level 1
Main St
Arawa AROB 355

 PO Box 333
Arawa AROB 355
Papua New Guinea

BUKA

JSK Apartments, Unit 2
Back St
Buka AROB 355 

PO Box 555
Buka AROB 355
Papua New Guinea

TABUBIL

House No. 2
Atan St
Tabubil WP 332 

PO Box 290
Arawa AROB 355
Papua New Guinea

Contact Us

We exist to serve you. Contact us now to find out how we can help you.

The Lodge, Level 3, Brampton Street, Granville Port Moresby, Papua New Guinea 121

M-F: 8am-5pm, S-S: Closed

F.A.Q.

Frequently Asked Questions

What does KTK stand for?

KTK stands for “Kuna Taberia Kiruwi”, which represent the last names of the three founding partners of the firm.

How is KTK different from the rest?

KTK is driven by its core values – People, Integrity, Passion, Respect and Success. KTK prides itself in a culture which has been built on openness, honesty, trust, dedication and commitment.

How much will we pay KTK if we avail your services?

Our fee depends on the type of services you require. We usually charge our client on either time or value basis. Our fee is often issued with a discount factored into our cost and is significantly lower when compared to our competitors.

When can I expect to receive a completed annual income tax returns back from KTK?

We process income tax returns on a First In First Out basis. Based on the complexity of returns, some tax returns can be completed within a week and others could take two weeks or more. If you have a deadline or time frame in mind, let us know and we will work to get your return completed on your time schedule.

When do you require payment for your services?

Payment is required 7 days after invoice date. Some work may be billed on a retainer type arrangement (down payment) but the remainder is either progress billed or billed upon completion. Any other terms regarding payment will need to be requested in advance.

Is Xero accounting software owned by KTK?
No. KTK is a Certified Partner of Xero which means that we go through continuous training to be able to support Xero accounting software users including setup, migration and ongoing support.
What is Xero?

Xero is a New Zealand financial software company. It is beautiful accounting software built for small to medium businesses (SMBs).

What modules are available in Xero?

It is a fully integrated accounting software that includes sales (invoices & quotes), purchases (purchase orders & bills to pay), expense claims, products & services (otherwise known as inventory), fixed assets, pay run and a suite of reports.

When do we apply IFRS when preparing the financial statements?

The Companies Act requires all banks and financial institutions, insurance companies, listed companies on the stock exchange, securities companies, superannuation funds, and private companies (including exempt companies) to apply the International Financial Reporting Standards (IFRS) when preparing their financial statements.

In PNG, companies are not defined as small, medium, or large companies but rather as exempt companies or reporting companies. Exempt companies are companies that do not exceed any of the following three thresholds: (i) total assets of K5 million (US$2 million); (ii) 25 shareholders; and (iii) 100 employees. Reporting companies are any companies that are not classified as exempt. Exempt companies apply IFRS but may also apply IFRS for small- and medium-sized entities (IFRS for SMEs). It is reported that a separate standard for micro-sized entities is being considered.

Do we need our financial statements to be audited?
Exempt companies are not required to undergo an audit. Companies that exceed one or two of the thresholds may dispense with a statutory audit provided all shareholders agree. Private companies that do not exceed one or two of the thresholds can be audited if approval is granted by their Board of Directors. As established under the Companies Act, all other companies as listed above, are required to have their financial statements audited and follow the International Standards on Auditing.

Foreign companies and their subsidiaries are required to follow similar financial reporting and audit requirements as domestic companies, regardless of size. Although the Listing Rules of the Port Moresby Stock Exchange, which was established under the Securities Act of 1997, do not set out additional financial reporting requirements for listed companies, the rules do require listed companies to publicly disclose their audited financial statements.

Who is responsible in preparing the financial statements for audit?

The management.

What is the purpose of the audit?

The purpose of an audit is to enhance the degree of confidence of intended users in the financial statements.

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