2010 KPMG Zimbabwe, a Zimbabwean limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG
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1 ICAZ CPD IFRS and Tax Update Seminar KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. 1
2 Roadmap to IFRS
3 Agenda The road so far... Summary of ED 2010/ audit reports KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. 3
4 Agenda The road so far... Summary of ED 2010/ audit reports KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. 4
5 The road so far... June 2010: IFRIC proposed to the IASB amendments to IAS 29 May 2009: SAICA & ICAZ joint proposal paper to IFRIC ICAZ published Guidance: Change in Functional Currency 2009 Further clarifications and guidance issued Not IFRS compliant 30 September 2010: ED/2010/12 Severe Hyperinflation (proposed amendment to IFRS 1) No effective date specified Early adoption permitted Comments invited by 30 November 2010 KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. 5
6 Agenda The road so far... Summary of ED 2010/ audit reports KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. 6
7 Summary of ED 2010/12 Severe Hyperinflation Was current functional currency subject to severe hyperinflation before the date of transition to IFRS? Currency of hyperinflationary economy is subject to severe hyperinflation if: a reliable general price index is not available to all entities with transactions and balances in the currency; and exchangeability between the currency and a relatively stable foreign currency does not exist. The functional The date currency when the of functional an entity currency ceases no to longer be subject has to severe either, hyperinflation or both, of the on characteristics the functional above, currency or when there normalisation date is a change in the entity s functional currency to a currency that is not subject to severe hyperinflation. KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. 7
8 Summary of ED 2010/12 (continued) When an entity s date of transition to IFRS is on, or after, the functional currency normalisation date, the entity may elect to measure assets and liabilities at fair value on the date of transition to IFRS and use that fair value as the deemed cost If an entity makes the election, the entity s first IFRS financial statements would disclose an explanation of how, and why, the entity had, and then ceased to have, a functional currency that was subject to severe hyperinflation The ED does not provide guidance for entities affected by severe hyperinflation that are not within the scope of IFRS 1 KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. 8
9 Agenda The road so far... Summary of ED 2010/ audit reports KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. 9
10 2010 audit opinion key elements Director s responsibility statement Auditor s responsibility statement Basis of qualified opinion Qualified opinion No modification Previous financial statements carried an adverse opinion on the statement of comprehensive income, statement of cash flows and statement of changes in equity; Except for effects of matters described in basis for qualified opinion and the nondisclosure of comparatives, the financial statements are true and fair in all material respects. KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. 10
11 Take note A statement of explicit and unreserved compliance may only be possible for 2011 reporting or earlier if ED 2010/12 is adopted Financial statements for entities that were modified in 2009 due to the fact that the opening balance sheet was not IFRS compliant could be revisited if ED 2010/12 is adopted KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. 11
12 Questions KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. 12
13 KPMG contact details Contact details Mutual Gardens 100 The Chase (West) Emerald Hill / Valerie Muyambo vmuyambo@kpmg.com KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.. 13
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