Previous Year
Revenue per Business Segment
No Data Found
Current Year
Revenue per Business Segment
No Data Found
No Data Found
No Data Found
No Data Found
No Data Found
No Data Found
No Data Found
Result Comments:
During the 2019 year the functional currency of the Group changed from USD to ZWL as a result of currency changes announced by monetary authorities. Since then the directors have continued to assess as guided by IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’ and consistent with the guidance issued by the Public Accountants and Auditors Board (PAAB) whether use of the ZWL as the functional currency of the Group is still appropriate. Based on the assessment, the directors have concluded that the Group’s functional currency continues to be the ZWL.
Result Comments:
The Group changed its accounting policy from cost model to revaluation model for two categories within its property, plant and equipment. The two categories are Buildings and leasehold improvements as well as and Plant and machinery. The revaluation was performed in a bid to fairly state the value of the assets which had been translated at a rate of 1:1 upon change of functional currency during the financial year ended 30 September 2019. This change was effective from 30 September 2022 and was prospectively applied in terms of IAS 8 paragraph