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Zimbabwe Makes Resolution For Early Adoption Of International Financial Reporting Standards

Zimbabwe Makes Resolution For Early Adoption Of International Financial Reporting Standards

Finance and Economic Development Minister, Professor Mthuli Ncube has said the Public Accountants and Auditors Board (PAAB) has made a resolution for the early adoption of the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards to be issued by the International Sustainability Standards Board (ISSB). In a statement seen by Pindula News, Ncube said the move is premised on attracting more investment and boosting private sector development in Zimbabwe. Reads the statement:

RESOLUTION BY THE PUBLIC ACCOUNTANTS AND AUDITORS BOARD OF ZIMBABWE (PAAB) FOR THE EARLY ADOPTION OF THE INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) SUSTAINABILITY DISCLOSURE STANDARDS ISSUED BY THE INTERNATIONAL SUSTAINABILITY STANDARDS BOARD (ISSB)

1. In line with its statutory mandate to prescribe auditing standards, accounting standards and accountancy reporting standards for use in Zimbabwe, including the application of internationally recognised auditing, accounting, and reporting standards, the Public Accountants and Auditors Board (PAAB) has made a resolution for the early adoption of the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards to be issued by the International Sustainability Standards Board (ISSB).

2. Taking a cue from the communique issued by the African Ministers of Finance on 9 September 2022, the accountancy profession in Zimbabwe and indeed the Government of Zimbabwe endeavours to meet the needs of capital markets and other stakeholders and enhance transparency, accountability, efficiency, and comparability in business. Zimbabwe has resolved to be an early adopter of the IFRS Sustainability Disclosure standards (when they are finalised and issued by the ISSB). This has the potential to attract more investment and boost private sector development in Zimbabwe in line with the National Development Strategy (NDS1) macroeconomic framework premised on programmes aimed at achieving economic transformation through the creation of a thriving private sector-led, open and competitive economy.

3. Early adoption could help unlock and bring to the country capacity building and support as we prepare for implementation and rollout. Further, Zimbabwe and indeed Africa’s voice will be amplified in the standards development process.

4. The ISSB’s mission is to deliver a high-quality global baseline of sustainability disclosures, which includes an initial focus on detailed climate-related disclosures. Jurisdictional standard-setting in the field of sustainability-related financial disclosures is a relatively new discipline and many jurisdictions, including Zimbabwe, are participating in this process at scale for the first time.

5. “We, therefore, urge the ISSB to work closely with Public Accountants and Auditors Board of Zimbabwe, as a first mover and to provide strong advisory and capacity-building support to achieve early adoption and implementation of the Sustainability Standards.”

Hon. Prof. Mthuli Ncube  

International accounting standards (IFRS) were formally adopted for use in Zimbabwe in 1993 and were legally operationalised in 1996.

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10 Comments

Johanna Chibadura wekwamarange 3 days ago

Maybe I should just go ahead and get it to you and then I can get you a copy of the world book for the rest of the world to live in the secret in life. I don't want to know you more than I have ever thought about you so much that you can make me feel like I don't have to make you feel bad about me. I'm sorry for the way you treat me and I don't want you to feel like you have to go to work anymore because I don't know what to expect from me right away from your thoughts and feelings about how you feel about yourself


3 days ago

He has mental a illness.
He needs help.

Tintin 3 days ago

hayas 😂😂😂 pindula has never disappointed me.

h 3 days ago

isaih muface uyo chibadura aakupenga arrival dombo so nyaya dzake kubva kuseni hapana irikunzwika,airova guka apa aakuvhurika maihweeee

Johanna Chibadura wekwamarange 3 days ago

Are you Isaiah from the Bible or the one i learnt with at hunivecity of borrowdale downtown Zimbabwe. My friend i don't want to be like the people you've been sent to me with the same thing as you do for me power to press the button and to make sure that you don't have any problems with it as long as you can make it to the kingdom and you will be able to attend the first part of the world to be able to come back to the same place you will never find a lion eating grass and you will be able to make it to your favorite beach or your place of the kitchen

Isaiah 3 days ago

Wtf is wrong with you huh

isaaihchibadura juru 3 days ago

wishing contact me on 0772300990 ndopmbop approved ma sanction sorry ma loans wati ukuda xolkarship endaka kuXul of ideology maharavukoo


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3 days ago

Every year the government auditors submit their reports and no one is held accountable for mismanagement and unexplained expenditures.


Grandpa Rick 3 days ago

"International accounting standards (IFRS) were formally adopted for use in Zimbabwe in 1993 and were legally operationalised in 1996."

IAS not IFRS, Mr. Reporter


pindulka 2 days ago

Amana ndanyora ndichimha ya thanks for heads-up reader we are a familky



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