PwC Zambia holds workshop for Senior Executives on three-tier reporting framework

02 November 2011

Lusaka

PwC Zambia held a workshop for senior executives from various companies in Zambia, to facilitate discussions around the 3-tier reporting framework.

The reporting framework was introduced by the Zambia Institute of Chartered Accountants (ZICA) in consultations with other stakeholders, with a view of simplifying reporting and compliance costs of doing business in Zambia.

The session had PwC facilitating discussions around the benefits from a simplified system of reporting, and the challenges faced in its implementation.

The session explored how the framework impacts on financial reporting and the interpretation and comparability of financial statements. The event also allowed the senior executives to network with their business associates. Some of the organizations represented were from; Ecobank, Stanbic Bank, Finance Bank, UBA, ZRA, ZICA, Toyota, Manzi Valley, Astro Holdings, among others.

“The objective of this framework is to simplify and reduce the cost of financial reporting on entities operating in Zambia and, as a result, making Zambia competitive in the region in terms of cost of doing business in the country.

We decided to invite our clients and those that are not our clients, as the framework cuts across all businesses, in order to help these businesses to comply in a cost efficient manner” said Nasir Ali, the Country Senior Partner and Head of Assurance at PwC. PwC intends to hold another session for Accountants in these businesses, to train them on how to report using the new framework.

Note:

In 2010, Zambia Institute of Chartered Accountants announced the introduction of a Three-tier Reporting Framework that sets out reporting standards for different entities within Zambia. The introduction of the reporting system may have the one or all of the following effects on your business:

  • Simplifying the standards to which your company’s financial statements are prepared;
  • Interpretation of your financial statements by users and comparing them with other companies in the industry; and/or
  • Ability to mobilise funding as key metrics will be modified by the change in reporting frameworks.