Masholds delays publication of FY2019 financials

PHILLIMON MHLANGA

LISTED property investment and development firm, Mashonaland Holdings (Masholds), has delayed the publication of its full year financial results due to the complexity of the accounting and audit processes required in terms of the International Accounting Standards (IAS) 29 which guides financial reporting in hyperinflationary economies.

The delay comes after Zimbabwe’s accountancy profession regulator, the Public Accountants and Auditors Board, in October last year directed all public entities in the country with reporting periods ending on or after July 1 2019 to apply IAS 29-hyperinflationary accounting.

The firm had hoped to publish its delayed financial statements by the end of December 2019, according to the Zimbabwe Stock Exchange (ZSE) listing rules.

But, these have now been put on hold and will now be released before the end of this month, according to company secretary Batanai Peresuh.

The delay has, however, been authorised by the country’s capital market regulator, the ZSE.

“The board of directors of Mashonaland Holdings Limited notifies its shareholders and other stakeholders that due to the onerous processes required by the International Accounting Standard 29-Financial Reporting in hyperinflationary economies, it shall delay publishing its audited financial statement for the year ended September 30,2019.

The financial statements will now be published on or before January 31, 2020 following an extension granted by the ZSE,” Peresuh said.