Accountants struggle with ZWL-ZiG shift

IN the wake of Zimbabwe’s recent introduction of a gold-backed currency, the Zimbabwe Gold (ZiG), to replace the inflation-ravaged Zimbabwean dollar, some in the accountancy profession are exploring a novel approach — triple reporting of financial results.

This innovative strategy aims to address the complexities and restore confidence in financial reporting during the ongoing transition.
The Southern Africa Association of Accountants’ past president, William Murinda, is one of the idea’s proponents.
“For the conversion from ZWL to ZiG, I think for 2024 we might need three sets of accounts… We need to do translations, we need to make adjustments.”
This structure would include reports for the period before ZiG, the transitional month, and the period after its ad