Published: 25 April 2018

Government is assessing proposals by industry on a new financial reporting framework. This will take into consideration the implications of bond notes and multiple currencies on financial statements.

This clashes with the central bank's position that bond note's value is at par with the United States dollar.

Sources from the Public Accountants and Auditors Board (PAAB) say the regulator has come up with a list of recommendations, sent to Government through the Ministry of Finance and Economic Planning earlier this year, to cater for the peculiar situation Zimbabwean business finds itself in.

The Zimbabwe Accounting Practices Board (ZAPB), which is the technical accounting and auditing of PAAB, finalised their submissions around October 2017. Although feedback is yet to come from Government, some companies have already started factoring in some of the recommendations in their recently published annual reports.
- The Herald