NTS Delays Audited Financial Results Due to International Accounting Standards

Review& Mail Writer

The implementation of International Accounting Standards (IAS) by the National Tyre Services (NTS) has led the company to miss the deadline to publish its audited financial results for the year ended March 31.

In a statement released by the firm, the company said it sort permission from the ZSE and expects to publish them on or before 31 July 2023.

“National Tyre Services Limited would like to advise shareholders that the Company will not be able to publish audited financial results for the twelve months ended 31 March 2023 by not later than 5 July 2023 in compliance with the Zimbabwe Stock Exchange Listing Rules,” said the company in a circular.

“The delay has been as a result of work finalization on IAS 21, IAS 29 and IFRS 16 which has taken longer than anticipated. National Tyre Services Limited therefore sought and were granted an extension by the Zimbabwe Stock Exchange.”

IAS are a set of accounting standards developed by the International Accounting Standards Board (IASB) to provide guidance on how to prepare and present financial statements. These standards are designed to promote consistency and comparability in financial reporting across different jurisdictions and industries.

IAS provide a standardised framework for financial reporting, which can enhance transparency and accountability in financial statements. This can help to build trust and confidence among stakeholders, including investors, creditors, and regulators.

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