Zim starts implementing global accounting systems

Zim starts implementing global accounting systems

By Stanley James, Business Editor

ZIMBABWE has started implementing a roadmap towards globally accepted accounting systems for the public and private sectors of the economy.

Like any other global economy, Zimbabwe has not been spared by the ever-changing accounting standards across the globe.

The ever-changing accounting standards have resulted in the government engaging private entities on ways of adapting to current accounting standards to attract investors.

For the Auditor General, Mildred Chiri, the role of accountants in ensuring the implementation of the globally accepted accounting standards is of greater importance.

“The roadmap is being designed to such an extent that once all is done then we shall be in a position to focus on other key deliverables to ensure transparency and accountability,” she said.

Accountants have also reaffirmed their commitment to global accounting systems to increase shareholder returns.

“Like any economy, such transactions or models of accounting systems go a long way in determining the level of progress within the economy and what measures can be implemented to unlock value in the economy,” said Davison Charamba ICAZ president.

In a related development, public listed companies are finalising the release of their half-year audited financial statements which will be a stern test of whether corporates are complying with global standards.

The global financial or accounting standards consist of set rules that determine how transactions and other accounting statements are required to be reported to maintain credibility and transparency in the financial world.