Our focus is for members to access technical information on Financial Reporting, Audit and Assurance, Public Financial Management, Taxation, Legal and Governance, Ethics, Contemporary accounting issues, Research and thought leadership, Technical Queries and Guidelines.
Under section 5 of the Accountants Act, ZICA is mandated to develop, promote and enforce internationally comparable practice standards in Zambia. Arising from this statutory responsibility, Institute adopts International Standards issued under the auspices of the International Federation of Accountants (IFAC) and the International Accounting Standards Board (IASB). It is our firm belief that these standards are developed on the basis of high quality, understandability and enforceability leading to transparent and comparable information in financial statements and other financial reporting to help users of the information to make economic decisions. This helps to improve the degree of uniformity of financial reporting throughout the country and also globally comparable. We strive to play an instrumental role in the development and promotion of best practices in the areas of accounting and auditing standards in Zambia. Our scope of commitment to developing technical standards includes the following activities.
Promoting the applications of Professional Standards i.e., International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS) ,International Standards on Auditing (ISA) and the Code of Ethics for professional accountants in Zambia
Working jointly with relevant Government authorities in developing accounting and reporting standards for specialised industries such as banking and financial services, pensions and insurance, capital markets, amongst others;
Providing Government with technical assistance in areas that may require the application and review of professional standards.
Developing guidelines for application of Professional Standards in order to comply with local business conditions and statutory requirements.
Working in consultation with various regulatory authorities in reviewing existing regulations and legislations, and in the development of new ones;
ZICA participates in the standard setting process by submitting comments letters on exposure drafts and discussion papers to various international standard setting bodies. Submission of Comment letters is one the Key Results Areas for the Technical Department. The department constantly monitors invitation for comments on standards and pronouncements. This is done through subscription to email update system by IFAC and IASB. We also have a direct link on our website to these bodies
DUsing our best endeavors, we work towards implementation of the standards by building awareness of the adopted standards, provide relevant education and training, develop or disseminate implementation guidance and any other activities that promote proper understanding and use of the standards in practice. In this regard, ZICA develops application guidelines to make specific standards necessary to comply with local business conditions and statutory requirements.
We enjoy a cordial working relationship with IFAC. In accordance with our membership condition to IFAC and IASB, we are obliged to support the work of IFAC by informing our members of pronouncements developed by the global body. Through IFAC Statements of Membership Obligations (SMOs) ZICA supports the adoption and implementation of international standards and other pronouncements. This exercise allows us to evaluate the progress made in fulfilling the requirements of IFAC in terms of adoption and implementation. Ultimately, the Institute receives feedback on areas of improvement and development
The Institute has various windows to provide implementation support to members. These are:
1. Technical workshops
2. Technical updates in the journal
3. Technical help desk
4. Issuance of pronouncements
Queries from members are received in writing and via telephone. However, the standard procedure is that all queries must be documented. Within 48 hours of receipt of the query the technical desk must send acknowledgement and depending on the complexity of the query feedback is given within this time frame. Otherwise, technical team researches on the nature of the query and counter check if there are similar responses provided in the past. Where there is no past response, the technical desk will compile the draft response. For quality control purposes all queries are approved by Director then submitted to the relevant committee for approval before sending them to members.
The Code of Ethics that members must follow and cornerstone anchoring behaviour of a Professional Accountant.
READ MOREThe International Financial Reporting Standards (IFRS) are accounting standards and interpretations.
READ MOREMembers have a duty to have a clear understanding and effective implementation of laws and regulations.
READ MOREAssurance Engagements which defines and describes the elements and objectives of an assurance engagement.
READ MOREaccess public sector information on accounting, auditing and public financial management related issues.
READ MOREMembers and other stakeholders can access technical guidelines as well as be able to send queries on related to accountancy practice.
READ MOREMembers and stakeholders are encouraged to keep abreast with current tax issues through such resources.
READ MOREThe think tank of the Institute responsible for the coordination and conduct of research into Accountancy.
READ MOREMembers and other stakeholders can view Exposure Drafts (ED) and Discussion Papers (DP) that are currently open for comments.
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