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 2019.

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 governments, other public sector entities and Not-For-Profit Organisations. (more…)

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

      1. Global economic growth in 2019 is projected at 3.2%, compared to 3.6% recorded in 2018. This is mainly on account of the trade war between the United States of America and China, prolonged uncertainty on Brexit and geo-political tensions. (more…)

EMM Tax Bulletins – 2019

Tax Overview 2019

  • In Zambia, Income Tax is governed by the Income Act of 2004 Cap 323 and administered by the Zambia Revenue Authority (ZRA). The registrar of Companies advises the Commissioner for Inland Revenue of registration of new companies. The ZRA runs an income tax system where income tax is deducted from individuals at source through self assessment and Pay As You Earn (PAYE). The ZRA Office issues income tax computation tables for guidance to tax payers. PAYE is expected to be paid for every 10th month after the month of actual pay.
  • (more…)

ZICA Monitoring Report 2013

The Zambia Institute of Chartered Accountants paid us an Audit Monitoring visit. The Practice Review Committee at its meeting of 6 September 2013 upheld ZICA’s recommendation for the satisfactory outcome and a demonstration of compliance with ISQC 1 and relevant International Standards on Auditing.

You can download the official letter addressed to EMM Corporate Partners here.

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

    1. Global economic growth in 2018 is projected at 3.9%, compared to 3.7% recorded in 2017. (more…)

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.

  1. Criminal offences: Like any individual or organisation auditors are bound by the laws in the countries in which they operate. So under current criminal law auditors could be prosecuted for acts such as fraud and insider trading.
  2. (more…)

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

    1. Global economic growth in 2017 is projected at 3.5%, a rate slightly higher than the 3.2% recorded in 2016. This is mainly premised on a projected 4.6% growth in the large emerging and developing economies, driven by the gradual improvement in commodity prices. (more…)

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

  1. Global economic growth in 2016 is projected at 3.1%, a rate slightly lower than the 3.2% recorded in 2015. This is on account of lower economic activity in the advanced economies. In the emerging and developing economies, growth is projected to strengthen slightly to 4.2% in 2016 from 4.0% in 201 This is despite lower growth in China. (more…)

Changes to Auditors Report 2016

Effective 15th December, 2016. Auditor’s report is the main deliverable in an audit engagement. An audit of financial statements’ primary objective is to express an opinion whether the financial statements are free from material misstatements. But aside from the opinion, there is an increasing need for communication of other significant items both to those charged with governance and the users of the financial statements. This is the reason why changes are made to the auditor’s report.