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Standards/Interpretations Issued Not Yet Effective as at 31 July 2009
IAS 8 requires that when an entity has not applied a new Standard or Interpretation that has been issued but is not yet effective, the entity shall disclose: ....read more. ACCOUNTING PROCEDURES COMMITTEE (APC)- UPDATE 2009 The Zimbabwean economy was effectively ‘dollarised’ when the National Budget was presented in United States Dollars (USD) in parliament on Thursday 29 January 2009. For many months prior to that date, almost all sectors of the economy were trading in various currencies, particularly USD and the South African Rand (ZAR). The new budget proposal simply made the change official. In place of the Zimbabwe Dollar (ZWD), any recognised currency is permitted to be used in transactions and to record transactions.
In light of these developments the Accounting Procedures committee (APC) in consultation with various stakeholders (local and foreign) developed a guidance for preparers of financial statements. The guidance was forwarded to the Zimbabwe Accounting Practices Board (ZAPB) and the Public Accountants and Auditors Board (PAAB) for adoption. For full details please click here.
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Following the issuance of a Guidance on Change in Functional Currency, by the Accounting Procedures Committee (APC), the Auditing and Professional standards Committee (APSC) in consultation with various stakeholders (local and foreign), drafted and issued a guidance on what it considered to be the most appropriate Audit Opinion given obtaining environment. Consultations with the Zimbabwe Accounting Practices Board ("ZAPB") and the Public Accountants and Auditors Board ("PAAB") are still in progress. Any references in this document to these bodies is tentative and they are not bound by the conclusions we have made pending finalisation of the consultation process. However, we have briefed both these bodies of our project and the tentative conclusions that we have reached.
For full details please click here. *************************************************************************************************** January 2009 For Audit consideration in respect of Going Concern in the current Economic Environment please click here.
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SMALL AND MEDIUM SIZE ENTITIES Since the early 1970s, International Financial Reporting Standards have been designed to meet the needs of companies whose securities trade in public capital markets. This has affected the scope of issues covered in IFRSs, the amount of implementation guidance and the volume of disclosures. In many countries, this complexity has been pushed down to small and medium-sized entities (SMEs) because they have adopted IFRSs as their national accounting standards or have been converging their national standards with IFRSs. Concerns have been raised about the burden to financial statement preparers and the relevancy of the resulting information to lenders, vendors, credit rating agencies, family investors, development agencies and others who use SME financial statements. |
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