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Pride Mahlangu, Business Reporter
LISTED clothing manufacturer and retailer, Edgars Group, has deferred publishing its financial results for the 52-week period ended January 5, 2020.
The group’s year-end results were due end of this month as per the Zimbabwe Stock Exchange (ZSE) listing rules. In a notice to shareholders yesterday, the firm said the delay was a result of IAS 29 process that will take longer than anticipated. The IAS 29 Financial Reporting in Hyperinflationary Economies is an international accounting standard that applies where an entity’s functional currency is that of a hyperinflationary economy. The standard does not prescribe when hyperinflation arises but requires the financial statements of an entity with a functional currency that is hyperinflationary to be restated for the changes in the general pricing power of the functional currency.
“We would like to assure our stakeholders that we will be publishing our year-end results by no later than 30 April 2020,” said Edgars. – @pridesinstinctz.
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