IFRS The International Financial Reporting Standards (IFRS) are accounting standards and interpretations published by the International Accounting Standards Board (IASB). Like many jurisdictions around the world, in 2005 ZICA fully adopted IFRSs. Members and other Stakeholders can access all the latest information and practical resources on IFRS and recent IASB consultations. You can have access to IFRS online resources including Standard, Basis for Conclusions, Illustrative Financial Statements, Presentation and Disclosure Checklist
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education@zica.co.zm
(+260) 211 374 551-9
Financial Reporting
Three-Tier Financial Reporting Framework
Zambia uses a three-tier Financial Reporting Framework. Entities are required to use one of the three frameworks depending on the type the entity. Under the three tier financial reporting framework, Entities are categorized as follows:
| No. | Type of Entity | Financial Reporting Framework |
| 1. | Listed Companies, Public Interest Entities and Government Owned Enterprises | Full IFRS |
| 2. | Economically Significant Companies – companies that are not public companies or quoted on the stock exchange with turnover of K20 million and above. | IFRS for SMEs or Full IFRS if the Company opts to use it |
| 3. | Micro and Small Entities – entities with Turnover of less than K20 million. | Zambian Financial Reporting Standard for Micro and Small Entities |
Financial Reporting Standard for Micro and Small Enterprises (MSEs) in Zambia
The Financial Reporting Standard for MSEs in Zambia is intended for use by the Micro and Small Enterprises in Zambia as set out in Section 1 of the Standard. Entities that are not Micro and Small Enterprises are therefore not eligible to use this Standard.
This standard is designed to apply to the General Purpose Financial Statements of all profit oriented entities. General purpose financial statements are those directed to general financial information needs of a wide range of users (such as shareholders, creditors, employees and the general public) who are not in position to demand reports tailored to meet their particular information needs.
Accounting Standard Updates
Developments in the business environment are increasingly becoming more dynamic and complex thereby complicating Financial Reporting. Therefore, constant changes and revisions will continue to characterise Accounting standards. We have therefore dedicated this section to contemporary accounting publications issued by various Standards Setting Bodies including the International Accounting Standards Board (IASB), International Auditing and Assurance Standards Board (IAASB) and associated bodies. For information on technical updates.