Romar Consulting

24/09/2023

On Friday, 29 September 2023, the Minister of Finance and National Planning (MoFNP) Honourable Dr. Situmbeko Musokotwane, MP will present the Republic of Zambia's National Budget speech to the National Assembly for the fiscal year 01 January to 31 December 2024.

What are your expectations in this year's budget? A detailed and summary review/ analysis will be included here just after the presentation.

Hire us today for all your Accounting, Tax and Consulting matters.

Email us on [email protected]

10/08/2023

Dear ZiCA Members,

By Robert Phiri | Founder & CEO

As we wrap up our campaigns this evening in preparations for tomorrow's elections we wish to thank everyone who has been instrumental and supportive to this noble cause.

For those who had time to attend this afternoon's "Meet your Candidates" you heard for yourselves our campaign message and what we have for our institute once voted into office of Council Member Public Practice tomorrow 11 August 2023.

It is in this vain that we seek for your vote by ensuring that you vote for Robert Phiri, AZiCA, ACCA, Dip(Tax) for the position of Council Member Public Practice.

Thank you and we hold you all in high esteem. 👏🏾👏🏾👏🏾👏🏾

29/07/2023

The Partnership and Staff of Romar Consulting wishes to Congratulate it's Founder & CEO - Mr. Robert Phiri, ACCA, AZiCA, Dip (Tax) on his successful nomination to stand as ZiCA Council Member - Public Practice.

We believe his experience, technical skills and competence and the passion he has for the accountancy profession will enable him to emerge victorious and contribute progressive ideas that will change the institute's perception from the general public.

We support his candidature and wish him the best as continues to campaign and share his message with the general membership of ZiCA.

Find time to read his campaign message on the flyer below, on his page called Phiri Robert, on LinkedIn called Robert Phiri, ACCA, AZiCA, Dip(Tax).

All the best sir!

Call; +260 953 663 812 or Email; [email protected]/ [email protected]

• Accounting • Tax • Consulting

01/04/2023

IFRS 16 Model

Are you struggling implementing IFRS 16 Model on all your leased assets including land, look no further than Romar Consulting a firm that will meet all your needs where IFRS 16 is concerned.

Email us on: [email protected]

OR

Visit our website

17/01/2023

IFRS 4 Vs IFRS 17 Compared

Good evening comrades on this platform. So all we have been hearing is that there is a new kid on the block called IFRS 17 and you maybe wondering why this new standard when there is already a standard called IFRS 4.

Look IFRS 4 has now been replaced completely by IFRS 17 as it had its own weaknesses and shortcomings. See below the key changes made and now clarified and simplified in IFRS 17.

1) Previously we used to have different accounting policies for different insurance contracts but IFRS 17 says no can we have only one accounting policy for all insurance contracts regardless.

2) IFRS 4 posed difficulties to compare insurance companies across countries but now its easy to compare insurance companies across different countries.

3) Lack of comparability between insurance Vs non insurance companies due to different accounting policies, now it has been easy to compare insurance and non insurance companies due to similar accounting methods.

4) Estimates were never updated but now estimates will be updated at each accounting period.

5) In IFRS 4 it used to be difficult to ascertain key drives of profit but now IFRS 17 has made it easy to determine key drives of profit (investment Vs underwriting) are made more transparent.

6) Discount rates was then based on investments but in IFRS 17 discount rates will now be based on the cashflows of the contract.

Hope this clarifies the challenges both auditors and accountants used to face when it comes to insurance contracts.

Author serves as Managing Partner and Director at Romar Consulting.

14/01/2023

CEEC opened applications for youth empowerment and loans on the 03 January 2023 and this process ends on 06 February 2023.

If you're a business who may need this and struggling to hoover around the CEEC website, kindly reach out we help you with the process.

Further, CEEC needs financial records for this exercise for your Businesses. Therefore, to increase the chances of your business being picked. Why not calling us we prepare for your business those records in a well presentable and professional manner.

Call us today on our mobile +260 953 663 812 or send emails to [email protected].

° Accounting ° Tax ° Consulting

07/01/2023

Who is affected by IFRS 17 - Insurance Contracts (new standard)?

1) The effective date for this new standard remain annual financial periods beginning on or after 01 January 2023 with earlier application permitted for this IFRS ( eg. you can apply it on financial periods ending on or before 31 December 2022) as long as IFRS 9 is also applied.

2) This IFRS is not applicable only to insurance companies but it applies to all other entities with insurance contracts with other parties. Remember it is applicable to transactions and not entities therefore, does not limit who issues the insurance contracts.

3) IFRS 17 actually defines insurance Contracts as contracts under which an entity accepts significant insurance risk from another party by agreeing to compensate another party (insurance policyholder) if a specified uncertain future event affects that party (policyholder).

4) However, you will agree with me that in Zambia by law established, only those companies registered as Insurance and Reinsurance companies are allowed to take up risks of other partied hence the reason this has been more biased to Insurance and Reinsurance companies here in Zambia. I should believe it's a different story in other countries.



Call us today on +260 953 663 812 or E-mail: [email protected]

02/01/2023

IFRS Update

To all insurance companies and other companies impacted by IFRS 17 - Insurance Contracts. Kindly note that IFRS 17 became effective for periods begining on or after 01 January 2023. Earlier application of the standard is allowed.

Follow our page Romar Consulting and visit our website on www.romarconsult.com for more information.

Contact us on +260 953 663 812 or email: [email protected]

Professional consultants and trainers Zambia Superior accuracy for your business Let's work together Name *Email *Subject *Comment or Message *Message Services We have a wide range of services on offer AccountingBookkeeping on a weekly, monthly, quarterly and annually basis and other accounting rela...

01/01/2023

Happy new year to all our clients and the general public. 2023 is here to explore new opportunities available out there.

Enjoy your celebrations!! meanwhile visit our website www.romarconsult.com

Happy 2023!

For all your professional services in 2023, kindly contact our admin office at +260 953 663 812 or email: [email protected]

01/10/2022

Stay tuned for our budget analysis. Further like our page and visit our website

Professional consultants and trainers Zambia Superior accuracy for your business Let's work together Name *Email *Subject *Comment or Message *Website Services We have a wide range of services on offer AccountingBookkeeping on a weekly, monthly, quarterly and annually basis and other accounting rela...

13/09/2022

Starting a business, you do not need a lot of customers to win and excel but what you need is just that one customer you will save diligently in a number of ways.
Visit our website www.romarconsult.com for more details on our services.

Professional consultants and trainers Zambia Superior accuracy for your business Let's work together Name *Email *Subject *Comment or Message *Phone Services We have a wide range of services on offer AccountingBookkeeping on a weekly, monthly, quarterly and annually basis and other accounting relate...

13/09/2022

In two weeks time, the Government through the Minister of Finance and National Planning will be presenting the national budget for FY2023. Stay tuned as will be analyzing the national budget just here on this same platform the same evening and our analysis will also be posted on our LinkedIn company page and website.
Visit our website www.romarconsult.com for more details and nature of our services or email us on [email protected] or call +260 953 663 812

Professional consultants and trainers Zambia Superior accuracy for your business Let's work together Name *Email *Subject *Comment or Message *Phone Services We have a wide range of services on offer AccountingBookkeeping on a weekly, monthly, quarterly and annually basis and other accounting relate...