Online Reporter
Judith Phiri, Zimpapers Business Hub
ZIMBABWE has been commended for the progress it has made so far in implementing the International Public Sector Accounting Standards (IPSAS) developed to promote high-quality, consistent public financial reporting and accountability.
IPSAS are accrual-based standards that aim to strengthen public financial management by establishing financial reporting practices for governments and other public sector entities.
Zimbabwe had set the national deadline for public sector entities to fully comply with the IPSAS as December 31, 2025. This deadline was set by Statutory Instrument 41 of 2019, establishing a framework for public entities to migrate to IPSAS and produce compliant financial statements.
The standards are developed by the International Public Sector Accounting Standards Board (IPSASB) which also issues sustainability reporting standards and provides guidance for non-mandatory reporting to enhance transparency and support sustainable development.
In an interview on the sidelines of the 9th edition of the Public Sector Convention in Bulawayo on Thursday, IPSASB board member, Mr Andrew van der Burgh said Zimbabwe was on track on implementing IPSAS.
“Zimbabwe is obviously busy with IPSAS implementation and adoption at the moment and we celebrate their successes. It’s a really difficult journey l think for every country to go through and l think Zimbabwe has made some really good strides in that space,” he said.
“We are encouraging them that they are not alone in doing this journey, there are new structures we have put together as the IPSASB around our international application group and also the post-implementation views that we are taking.”
He said both of the mechanics (international application group and also the post-implementation views) were a good ways for Zimbabwe to ask the board for help to get extra guidance and support from IPSASB in terms of the implementation and use of the standards locally.
Mr Burgh said though Zimbabwe had set the target to be IPSAS compliant by December 31, 2025, there have been some good work made in terms of tracking towards getting to the target, however not all entities were going to meet the target.
He added: “If they are getting there they are unfortunately some qualified audit opinions in reports that will come out, but that’s completely normal for any IPSAS adoption around the world. To come from a cash-based system to an accrual-based system in three years it is a massive task to try and achieve that.”
Mr Burgh said Zimbabwe public entities could pat themselves on the back in that they have made a huge step forward in getting to those targets.
He said for those who will fail to meet the deadline, it was not the end of the road and they should continue working hard to ensure they do become IPSAS fully compliant in the near future.
