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ZiG to reflect in financial statements for industry and commerce

ZiG to reflect in financial statements for industry and commerce

Story by  Stanley James, Business Editor

THE accounting sector has operationalised the use of the Zimbabwe Gold (ZiG) in compiling financial statements for industry and commerce after successfully converting Zimbabwe dollar systems to the newly-introduced domestic currency.

Information compiled by the Institute of Chartered Accountants in Zimbabwe (ICAZ) shows that most accounting companies have swiftly converted their Zimbabwe dollar systems into the ZiG currency.

Representatives of the accounting firms also held a webinar meeting this week where they resolved to implement the recommended interbank exchange rate for the United States Dollar to ZiG in line with the market performance of gold and other precious minerals including foreign currency reserves.

The structured currency has been included in the basket of currencies being used by the accounting firms depending on the mode of money used by businesses in terms of their transactions.

A Chartered Accountant, Mr. Last Matema says embracing ZiG within the accounting system reflects confidence by the fraternity in the new currency.

“Indeed, the accounting fraternity has also embraced ZiG in terms of compiling financial statements that are depending on the mode of the currencies used by any business utility in transaction. So, basically, the transition from the Zimbabwe Dollar to the ZiG system which is in motion has been a success for most of the accounting firms in order to confirm with the dictates of the economy,” he said.

The use of ZiG in the accounting systems for compiling future financial statements is with effect from the 5th of April this year when the gold-backed currency was launched.

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