Reporting challenges persist for firms

ZIMBABWE’S currency ambiguity is creating challenges for reporting firms, worsening a situation created last year with the conflicts between legislation and accounting standards, an expert has said.
Since February last year, when government put in place a law that converted US dollar balances to Zimbabwean dollars at par, companies have been receiving adverse audit opinions due to the statute’s conflict with accounting standards.

“The question of whether the economy is de-dollarising or re-dollarising forms a big part of fair presentation of financial statements… from a policy perspective, we are looking at de-dollarisation, but what is on the ground points to re-dollarisation,” Anesu Daka, a local accounting standards expert, told a Chartered Accountants Academy webinar las