RBZ Monetary Policy – Impact on Financial Reporting

by Anesu Daka CA(SA)(Z) In May 2016, the RBZ introduced the priority list as an exchange control measure. Subsequently, the bond notes were introduced in October 2016 through Statutory Instrument 133 which amended section 44 of RBZ Act. There was also increased encouragement to use plastic money/electronic money (RTGS and mobile) to alleviate the liquidity […]

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Intermediated Money Transfer Tax – (IMTT)

1. PREAMBLE The Intermediated Money Transfer Tax (IMTT) is levied on transferred amount per section 36G of the Income Tax Act [Chapter 23:06] as read with the 30th schedule to [Cap. 23:06] and these provisions were recently amended. This paper seeks to highlight some of the changes, anticipate the impact from an accounting perspective, and […]

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Key audit matters: Unlocking secrets of the external audit

The International Auditing and Assurance Standards Board (IAASB), which is the global regulator of accounting practices, finalised its process of revising auditor reporting standards in 2015. This resulted in the promulgation of a set of new and revised auditor reporting standards on auditor reporting, which became effective for audits of financial statements for periods ending […]

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Onerous Relationships

An onerous relationship or contract is one in which the unavoidable costs under the contract exceeds the benefits received under the same contract. Don’t mis-quote me LoL, I am not referring to that relationship where one party is giving too much and the other is not appreciating and brings nothing, but all are bound by […]

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Corporate Governance Zimbabwe: Where are we now?

Corporate governance is the foundation upon which successful enterprises are build on and economies have made strides to provide frameworks for corporate governance practices. In Zimbabwe although behind, strides have been made to have our own corporate governance frameworks specifically by the launch of the National Code on corporate governance and also the recent Corporate […]

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