THE Public Accountants and Auditors Board of Zimbabwe (PAAB) says the country has taken a pre-emptive approach to sustainability disclosures in financial reporting by electing early adoption of International Financial Reporting Standards (IFRS), which are yet to be issued.
The PAAB decided on early adoption of the standards last year, as Zimbabwe became the third African nation to do so in a development that was announced by Finance minister Mthuli Ncube in November.
“As Zimbabwe, we have taken a call to say we will not just be standard takers, we are making a call to participate and influence the standard-setting process,” PAAB secretary Admire Ndurunduru said last week at a business conference in Harare that was attended by IFRS Foundation chairperson Erkki Li
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