Standards
Accounting, auditing, and reporting standards adopted for use in Zimbabwe.
Standards & Frameworks
PAAB prescribes accounting, auditing, and reporting standards for use in Zimbabwe, including internationally recognised standards.
Setting Standards for Excellence
PAAB has statutory responsibility to prescribe accounting standards, auditing standards, and other accountancy reporting standards including the use of internationally recognised standards in Zimbabwe for both the public and private sectors.
Through various technical committees, PAAB evaluates, adopts, and monitors the implementation of standards to ensure financial reporting quality and audit excellence across Zimbabwe.
IFRS
Financial Reporting
ISA
Auditing Standards
IPSAS
Public Sector
ISSB
Sustainability
Accounting Standards
International Financial Reporting Standards (IFRS)
The Accounting Standards Committee deals with all technical matters relating to accounting. PAAB has adopted all IFRS and other pronouncements as issued by the International Accounting Standards Board (IASB) as the financial reporting framework applicable in Zimbabwe through Statutory Instrument 62 of 1996.
Committee Responsibilities:
Recommending IFRS standards for adoption by the PAAB
Developing and recommending local pronouncements/guidance to PAAB
Responding to exposure drafts and other standard-setting projects
IFRS for SMEs
PAAB adopted IFRS for SMEs in January 2010, effective for periods commencing on or after January 1, 2011. This simplified standard is available for qualifying small and medium-sized entities.
Key Accounting Standards
Full IFRS Standards
For public interest entities and large companies
IFRS for SMEs
For small and medium-sized entities
IAS 29 - Hyperinflation
Financial reporting in hyperinflationary economies
Auditing Standards
International Standards on Auditing (ISA)
The Committee for Audit Standards deals with all technical matters relating to auditing. All registered auditors in Zimbabwe are required to apply International Standards on Auditing (ISA) as mandated by law.
Committee Responsibilities:
Recommending audit standards for adoption by the PAAB
Developing and recommending local pronouncements/guidance
Responding to exposure drafts from international auditing standards boards
ISA 200-299
General Principles & Responsibilities
ISA 300-499
Risk Assessment & Response
ISA 500-599
Audit Evidence
ISA 600-699
Using Work of Others
ISA 700-799
Audit Conclusions & Reporting
ISA 800-899
Specialized Areas
Related Standards
- ISQM 1 & 2 - Quality Management
- ISRE - Review Engagements
- ISAE - Assurance Engagements
- ISRS - Related Services
Public Sector Accounting Standards
International Public Sector Accounting Standards (IPSAS)
The Public Sector Accounting Standards Committee deals with all technical matters relating to public sector accounting. PAAB works with government entities to promote the adoption and implementation of IPSAS standards for improved public financial management.
Committee Responsibilities:
Recommending IPSAS standards for adoption by the PAAB
Developing and recommending local pronouncements/guidance
Responding to exposure drafts from IPSASB
PAAB Comment Letters & Exposure Drafts
Benefits of IPSAS Adoption
Improved financial transparency
Better accountability
International comparability
Enhanced stakeholder confidence
Resources
Sustainability Reporting Standards
IFRS Sustainability Disclosure Standards
The Sustainability Reporting Standards Committee deals with all technical matters relating to integrated and sustainability standards. PAAB is working on adopting the IFRS Sustainability Disclosure Standards (IFRS S1 and IFRS S2) for Zimbabwe.
Committee Responsibilities:
Recommending sustainability standards for adoption by PAAB
Developing and recommending local pronouncements/guidance
Responding to exposure drafts from international standards boards
Sustainability Reporting Implementation Roadmap
Draft for Consultation
The Sustainability Reporting Implementation Roadmap outlines Zimbabwe's proposed approach for adopting the IFRS Sustainability Disclosure Standards. This draft is published for market consultation to gather feedback from stakeholders before finalisation.
Phased implementation for different entity categories
Progressive transition to full compliance
Guidance on disclosure and assurance requirements
Alignment with national and global standards
IFRS S1
General Requirements for Disclosure of Sustainability-related Financial Information
- Governance disclosures
- Strategy requirements
- Risk management
- Metrics and targets
IFRS S2
Climate-related Disclosures
- Climate-related risks
- Climate opportunities
- Transition plans
- GHG emissions
Open for Consultation
We welcome feedback from preparers, auditors, regulators, investors and other stakeholders.
Submit feedback →International Code of Ethics
All registered practitioners are required to comply with the International Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA).
Integrity
Objectivity
Competence
Confidentiality
Questions About Standards?
Contact our technical team for guidance on applying standards in Zimbabwe.