Omega Ukama 
22
THE Public Accountants and Auditors Board (PAAB) says the implementation of a new standard of accounting and reporting for insurance contracts, IFRS 17, which effectively begins next year, will assist the industry in dealing with some of the reporting issues that have arisen in Zimbabwe.
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Local businesses have continued to face significant accounting and reporting challenges in the face of high inflation and exchange rate volatility, with almost all companies receiving adverse audit opinions on their results.
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