HARARE – Zimbabwe is to be an early adopter of International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards to be issued by the International Sustainability Standards Board (ISSB) in 2023, following a resolution by the Public Accountants and Auditors Board (PAAB).
In a statement, Finance Minister Mthuli Ncube said in September this year, African finance ministers announced their support for the work of the ISSB, citing that early adoption by African jurisdictions and companies has the potential to attract more investment and to boost private sector development in Africa.
Ncube said early adoption could help unlock and bring to the country capacity building and support as we prepare for implementation and rollout. Further, Zimbabwe and indeed Africa’s voice will be amplified in the standards development process.
The developing standards is just one step in the journey to ensuring capital markets have access to robust sustainability-related information.
The ISSB’s mission is to deliver a high-quality global baseline of sustainability disclosures, which includes an initial focus on detailed climate-related disclosures. Jurisdictional standard-setting in the field of sustainability-related financial disclosures is a relatively new discipline and many jurisdictions, including Zimbabwe, are participating in this process at scale for the first time.
“We, therefore, urge the ISSB to work closely with Public Accountants and Auditors Board of Zimbabwe, as a first mover and to provide strong advisory and capacity-building support to achieve early adoption and implementation of the Sustainability Standards,” said the Finance Minister.