Accountants from Zimbabwe’s ministries and departments gathered in Mutare this Tuesday for a technical guidance session on the preparation of 2024 International Public Sector Accounting Standards (IPSAS) Transitional Financial Statements.
The workshop aims to overcome challenges, boost collaboration, and refine financial reporting practices ahead of the December 31, 2025, IPSAS implementation deadline.
The IPSAS standards aim to improve the quality of general-purpose financial reporting by public sector entities.
Adopting IPSAS allows public sector entities to make better informed assessments of the resource allocation decision making.
Zimbabwe legally adopted IPSAS in 2019 following the promulgation of Statutory Instrument 41 of 2019 which added IPSAS as a reporting framework for use in Zimbabwe.
Following this adoption, public sector entities have until 2025 to produce IPSAS compliant financials statements.
In other news, former Mozambican President Joakim Chisano and African Development Bank President Dr. Akinwumi Adesina are calling on the international community to support Zimbabwe’s debt clearance and economic revival efforts.
Zimbabwe has since reached a concession with the International Monetary Fund on a Staff Monitored Programme, paving the way for economic development and progress towards Vision 2030.
This is a big step forward for the nation’s economic growth and prosperity.
Zwnews
