Zimbabwe has introduced a new currency known as the ZiG which is short for Zimbabwean Gold. The difference between this currency and its predecessors is that its value is linked to the gold price. The currency started trading in early April and it remains to be seen whether this new batch of notes will be the solution to the country’s longstanding currency problems.
There are multiple companies in South Africa with operations in Zimbabwe and they will have questions as to the impact of the new currency on their financial reporting. There are four fundamental questions that arise.
The rise of cryptocurrencies, such as Bitcoin, Ethereum, and others, has brought about significant changes to the global financial landscape. As these digital currencies gain wider acceptance, businesses and individuals need to understand how to account for cryptocurrency transactions in accordance with International Financial Reporting Standards (IFRS) for financial reporting purposes.
The standards issued by the Institute of Sustainability Standards Board (ISSB) are not yet mandatory in South Africa. Consequently, many people are under the impression that sustainability and climate-related reporting is not a thing they need to worry about just yet. Right? Wrong!
The other body that is part of the IFRS Foundation, the International Accounting Standards Board (IASB), issued educational material that highlights some of the areas that are already impacted by climate related matters. Here is a summary of the areas cited:
On the road to becoming manager of finance business operations at Invicta Holdings, Odet Hayes went through many teachable moments at Edcon. The highlight of her time at the clothing retailer was working on the Edcon private equity deal when the company was delisted and taken over by Bain Capital LLC in 2007.
