The Zambia Institute of Chartered Accountants (“ZICA”) recently announced the adoption of a tiered financial reporting framework to simplify and enhance compliance with financial reporting and to lower the cost of doing business.
The tiered reporting framework comprises of International Financial Reporting Standards (“IFRS”) as we have known them for many years, IFRS for Small and Medium-sized Entities (“SME’s”) and the newly introduced Financial Reporting Standard for Micro and Small Entities (“FRS for MSE’s”).
This article focuses on the latter standards (FRS for MSE’s), which are unique to Zambia and which will have a significant impact on the reporting framework.
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