finance

New era in financial statement presentation and disclosure

By Tonderai Washington Mabambe THE issuance of IFRS 18 – Presentation and Disclosure in Financial Statements by the International Accounting Standards Board (IASB) marks a significant and forward-looking development in international financial reporting.This new standard, which replaces the long-standing IAS 1 Presentation of Financial Statements, is designed to enhance the transparency, consistency, and comparability of…

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Audit pitfalls hiding in plain sight

FOREIGN exchange differences are a frequent source of tax adjustments during audits, particularly where taxpayers fail to align accounting treatment with tax rules. The volatility of Zimbabwe’s multicurrency framework requires careful treatment of foreign currency movements to mitigate exposure to audit adjustments and penalties.In terms of the Income Tax Act (ITA), foreign exchange gains form…

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