BDO Chartered Accountants - Malawi

The main challenges faced by companies trying to implement a more sustainable business model include costs and lack of resources, complex supply chains, cultural and behavioral barriers, and lack of awareness and understanding.

These obstacles can be overcome by prioritizing sustainability, engaging with your value chain, breaking cultural barriers, and upskilling employees to drive sustainable practices. By addressing these challenges proactively, companies can successfully transition to a more sustainable business model.

May this joyous occasion be a time for reflection, gratitude, and sharing blessings with your loved ones.

IASB publishes IFRS 18 Presentation and Disclosure in Financial Statements
On 9 April 2024, the International Accounting Standards Board (IASB) published IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 will replace IAS 1 Presentation of Financial Statements as the primary source of requirements in IFRS Accounting Standards for financial statement presentation. IFRS 18 is the first new IFRS® Accounting Standards since IFRS 17 Insurance Contracts was published in May 2017.

The IASB has received feedback from investors that the comparability of entities’ statement of profit or loss was reduced due to a lack of consistency in how financial performance has been presented. For example, two entities may have similar operations in a similar industry, but they may present the results of their operations differently.

In response to these and other concerns, the IASB undertook a project to replace IAS 1 with a new IFRS Accounting Standard to increase the comparability of financial performance presented by entities.

While IFRS 18 introduces significant changes to financial statement presentation, not all aspects of IAS 1 are being revised. In many areas, the requirements of IAS 1 are expected to be ‘brought forward’ into IFRS 18 substantially unchanged. This approach is depicted below: -

The following is a summary of the most significant changes introduced by IFRS 18:

1. Required categories and sub-totals in the statement of profit or loss: items of income and expense will be classified into operating, financing, investing, income tax or discontinued operations categories. This classification will depend on a combination of an assessment of the entity’s main business activities and certain accounting policy choices.

2. Required sub-totals in the statement of profit or loss: based on an entity’s application of the classification requirements as described in #1, certain sub-totals will be required to be presented in financial statements, such as operating profit. The operating profit sub-total is now defined in IFRS 18.

3. Labelling, aggregation and disaggregation: expanded requirements for labelling, aggregation and disaggregation of information in financial statements.

4. Narrow scope changes to the statement of cash flows: revised requirements for how the statement of cash flow will be presented, including the classification of interest and dividend cash flows.

5. Management-defined performance measures: the requirement for certain entities to include ‘management-defined performance measures’ (i.e. alternative performance measures, ‘non-GAAP measures’, etc.) in their financial statement notes, with reconciliations to the nearest IFRS-compliant sub-total. For example, ‘adjusted profit or loss’ reconciled to profit or loss.

IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027 with earlier application permitted. Entities will be required to restate comparative periods.

The IASB’s project page contains all published documents related to IFRS 18.

BDO will issue an update to IFRS Accounting Standards At a Glance, IFRS Accounting Standards In Practice and other publications in due course.

IASB publishes IFRS 18 Presentation and Disclosure in Financial Statements - BDO IASB publishes IFRS 18 Presentation and Disclosure in Financial StatementsIASB publishes IFRS 18 Presentation and Disclosure in Financial StatementsOn 9 April 2024, the International Accounting Standards Board (IASB) published IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 will...

We are pleased to inform you that the latest edition of the quarterly BDO Transfer Pricing News is now available on our BDO international tax newsletters microsite:

BDO Transfer Pricing News Issue 46 - March 2024 The 46th issue of BDO’s Transfer Pricing Newsletter focuses on international developments as well as recent developments in Australia, Malta, Netherlands, South Africa many more.

Our services
BDO offers the most diverse services to the clients with exceptional local resources, unique market knowledge and expertise, which makes us one of the leading firms in Malawi.

* Audit & Assurance
* Agreed upon
* Attestation
* Tax
* Cross border tax
* Transfer pricing
* Tax health checks and audits
* Tax equalisation
* Tax hypothecation
* Tax planning
* Business Services & Outsourcing
* Accounting and bookkeeping
* Payroll
* Secretarial Services
* Business Advisory
* Transaction Advisory
* People Advisory
* Forensics
* Risk Advisory
* ESG

* BDO Digital
* Business applications
* System integrations
* IT audit
* IT consulting
* Digital strategy
* Information and cyber security

BDO has published IFRS Accounting Standards In Practice – Classification of Loans as Current or Non-current (2024/2025).

The IASB issued amendments to IAS 1 Presentation of financial Statements in January 2020 (Classification of Liabilities as Current or Non-current) and subsequently, in October 2022 (Non-current Liabilities with Covenants). The amendments, among other changes, introduced certain requirements related to the determination of the existence of a right at the end of the reporting period to defer settlement of a liability with covenants. These amendments are effective for annual reporting periods beginning on or after 1 January 2024.

BDO’s publication provides an overview of the requirements of IAS 1 related to the classification of loans with covenants as current or non-current. It also includes a flow chart to help in determining this classification, along with application of the flow chart to multiple scenarios. The publication may be accessed here.
https://lnkd.in/e3-sWPWR

BDO has published IFR Bulletin 2024/01, which provides a summary of the current state of IFRS Accounting Standards as at 31 December 2023. If you want to know which standards are newly effective, which standards are 'coming soon' and what else the IASB is working on, this publication is a great summary.
https://ow.ly/278R50QwBwv

BDO announces Robust Global Revenue Growth to over 14 Billion

Our focus has been on servicing key accounts and actively pursuing significant clients across larger economies to bolster and support overall growth.

BDO Global Statistics 2023 - BDO BDO announces robust global revenue growth to over US$14 billion (+10.2%)

The Managing Partner and Partners of BDO Malawi Chartered
Accountants are pleased to announce the senior appointments effectie 1 January 2024:

From all of us at BDO, we wish everyone a happy and healthy 2024! We look forward to another year of continued collaboration, growth and shared engagement.

Wishing you Peace and Joy this Christmas Season and every happiness throughout the New Year.

Thank you for your applications for Audit Associates, Audit Seniors and Tax Consultants positions.

Shortlisted candidates will be advised before Friday 13th of October on the dates to attend interviews at either our Blantyre or Lilongwe offices.

The objective of the AfCFTA article is to make our clients (current and potential) to be aware of the introduction of the African Continental Free Trade Area (AfCFTA), the applicable AfCFTA rules, what the trade area covers, its potential impact (positive and negative) to importers, exporters, industries, Malawi as a signatory to the agreement and areas where BDO can assist you.

Click on the link below to learn more:

BDO History - BDO In Zimbabwe BDO is a trusted and reputable firm which has grown from a local partnership into a member of a growing international network of member firms.BDO

We are an all inclusive firm and actively promote equality of opportunity for all with the right mix of talent, skills and potential.

We are recruiting suitably qualified Audit Associates, Audit Seniors, and Tax Consultants with ICAM, ACCA, Accounting degrees and ADIT.

Find out more about joining our team below.

Happy Independence Day to Malawi

BDO Global 2023 Construction Survey Report

OVERCOMING THE TALENT CRISIS: Repositioning the construction industry as an employer of choice for Gen Z
Does Gen Z still consider a career in construction? How can industry leaders make practical improvements to harness the changemaking power of Gen Z? What talent strategies can help you face modern challenges?

Click here to learn more:
https://lnkd.in/dNvVWk7B

BDO Global 2023 Construction Survey Report The Future WorkforceDoes Gen Z still consider a career in construction? How can industry leaders make practical improvements to harness the changemaking power of Gen Z? What talent strategies can help you face modern challenges?OVERCOMING THE TALENT CRISIS: Repositioning the construction industry as...

BDO Chartered Accountants - Malawi officials visited ICAM offices to further foster the existing relationship for the betterment of the accountancy profession in Malawi.

Cheers to hardworking men and women who make our country thrive!

BDO Malawi donates to Malawi Red Cross toward the Cyclone Freddy initiative – 13 April 2023
It is our intention that everyone at BDO needs to see the firm ‘doing the right thing’ and feel proud. We continue to aspire to have a positive impact on our people, our communities and our environment and the sustainability movement will continue to evolve as a key element of our WHY: People helping people to achieve their dreams.

We aim at transforming our businesses to meet the challenges of climate related changes, biodiversity loss and social inequality which are some of the greatest challenges of our time. At BDO, we are committed to doing our part in rethinking our business, in addition to supporting our clients and communities around us on their sustainability journey.

BDO Indirect Tax News Issue 1/2023 - January 2023

We are pleased to inform you that the latest edition of the quarterly BDO Indirect Tax News is now available on our BDO international tax newsletters microsite: https://lnkd.in/dN5E5NVe

BDO Indirect Tax News - January 2023 BDO Indirect Tax News focuses on issues of practical importance in the field of VAT and similar indirect taxes, such as GST. Experts from all over the world provide first-hand information on recent developments in legislation, jurisdiction and tax authorities’ opinions and directives

Articles: Getting the Due Diligence Right for Fintechs Before Pitching to Investors

Our first article covered "A Guide to Pitching Practices for FinTech Companies: How to Stand Out" and now, we're getting into the due diligence part of best pitching practices for FinTech companies.

Remember, every fintech start-up needs to raise capital to grow, which means pitching to investors.

Before you jump right into the actual pitch, however, it’s important to do your due diligence to maximise your chances of success.

This article provides an overview of the due diligence process and the key steps to ensure your fintech is fully prepared to present your business to potential investors.

Click here to read more: https://lnkd.in/dA8HpBmD

Getting the Due Diligence Right for Fintechs Before Pitching to Investors Our first article covered Guide to Pitching Practices for FinTech Companies: How to Stand Out@ and now, we@re getting into the due diligence part of best pitching practices for FinTech companies.

BDO and Microsoft – working together
BDO works hand in hand with Microsoft to jointly deliver digital transformation services to our clients.
Our solutions, built on Microsoft’s secure technology stack, provide proven and pragmatic IT solutions to address the growing needs of our client portfolio. Our focus is to identify our clients’ business goals first, then leverage our team of business and technology experts to partner in their success.
We work with our clients to help them understand the variety of solutions available from Microsoft, so they can accelerate and drive secure solutions and scale their transformation. Our broader relationships and business understanding mean that we are not just technology advisors but business advisors – seeing the full context and implications of our advice.
Given the portfolio of applications and processes, any business is likely to may have, BDO will also work with Microsoft to rationalise the client portfolio and then modernise, reimagine or create applications best aligned to the business’s current and future business goals.
BDO’s partnership with Microsoft brings the best of BDO from a technology and advisory perspective and drives the direct alignment with Microsoft solutions such that our clients can achieve their desired business outcome.
Click here to learn more: https://www.bdo.global/en-gb/home

We aim to be our clients’ preferred expert and adviser across many industries and in every market and we work hard to anticipate your needs in order to ensure that we deliver relevant ideas and valuable insights
Learn more about BDO Industries:
https://www.bdo.co.mw/en-gb/industries

Suitbaly qualified individuals are invited to apply.

Blessed Eid to you and your family!. May you always be blessed with peace and happiness.

Happy Labour Day

BDO Global credentials

The constant evolution in today’s marketplace means that the needs of our clients and the objectives that they have for their businesses are constantly changing. Our global reach, combined with specialised local knowledge, ensures BDO’s tailored approach is best placed to address these needs. We constantly strive to further serve our clients’ needs by focusing on expanding our global reach, enhancing our industry expertise, and improving our ability to deliver seamless services worldwide.

See below for an overview of our key facts and figures:

One of our greatest strengths is our tax expertise.
We have a growing reputation of high professional and ethical
standards delivered by our staff that has a combined
experience of over one hundred years. Our intimate
knowledge of and personal relationship with ZIMRA is of
incalculable benefit to our clients