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Category: Finance

New IFRs for 2019

Adoption of New and Revised International Financial Reporting Standards (“IFRSs”) for 2019 (a). Application of new IFRS requirements Impact of initial application of IFRS 16 Leases In the current year, entities apply IFRS 16 (as issued by the IASB in January 2016) that is effective for annual periods that begin on or after 1 January […]

Adoption of IPSAs

Adoption of International Public Sector Accounting Standards in 2020 (a) Overview From 1 January 2020, the entity will be applying IPSAs in preparation of its financial statements. IPSAS are a set of accounting standards issued by the International Public Sector Accounting Standards Board (IPSASB) with specific focus on the accounting and financial reporting requirements of […]

Budget Highlights 2020

The 2020 National budget was presented on the 27th of September, 2019 by Honorable Minister of Finance, Bwalya Ng’andu. The following are the highlights from the budget presented in Parliament: Part I: Global and Domestic Economic review Global Economy Global economic growth in 2019 is projected at 3.2%, compared to 3.6% recorded in 2018. This […]

Budget Hightlights 2019

The Minister of Finance Margaret Mwanakatwe presented the 2019 national budget in Parliament on Friday, 28th September, 2018. The following are the highlights of the Budget: Part I: Global and Domestic Economic review Global Economy Global economic growth in 2018 is projected at 3.9%, compared to 3.7% recorded in 2017.

12 Ways to Reduce Professional Liability on Audits, Reviews and Compilations

Types of Liability Auditors are potentially liable for both criminal and civil offences. The former occur when individuals or organisations breach a government imposed law; in other words criminal law governs relationships between entities and the state. Civil law, in contrast, deals with disputes between individuals and/or organisations. Criminal offences: Like any individual or organisation […]

Budget Highlights 2018

On Friday, 29th September, the Zambia 2018 National budget was presented to the National Assembly by  Honourable Felix C. Mutati, MP Minister of Finance. The following are the highlights of the Budget: Part I: Global and Domestic Economic review Global Economy Global economic growth in 2017 is projected at 3.5%, a rate slightly higher than […]

Budget Highlights 2017

On the 11th of November, 2016, Finance Minister Felix Mutati unveiled a K64.5 Billion 2017 national budget, whose focus is to restore fiscal prudence while maintaining an expansion path. Here are a few notable highlights included in the budget: Part I: Global and Domestic Economic review Global Economy Global economic growth in 2016 is projected […]