For three decades of my professional life in valuations, I have watched accountants and valuers circle each other — sometimes in harmony, sometimes in tension.
Yet the truth is simple: neither profession can stand alone. One frames the numbers, the other gives them substance.
Together, they guard the credibility of our financial system. I have lived at the intersection of numbers and value. My conclusion is numbers need value and value needs numbers.
I have seen balance sheets rise and fall, governments reform their reporting, and investors demand ever greater transparency. Through it all, one truth has remained constant: accountants and valuers are not rivals.
Much as they are two disciplines that are distinct, they are inseparably linked by the pursuit of transparency, credibility, and trust in financial reporting. Together, they safeguard the credibility of our financial system.
This partnership is forged in the crucible of global standards — International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS), and International Valuation Standards (IVS).
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These acronyms may sound technical, but they are the scaffolding upon which trust in financial reporting is built. Without them, numbers lose meaning, valuations lose credibility, and confidence in markets collapses.
Standards that changed everything
IFRS was born from the International Accounting Standards Board (IASB). Its mission was bold: harmonise corporate reporting across borders. But its most disruptive innovation was the embrace of fair value accounting.
Suddenly, accountants could no longer rely solely on historical cost. They needed current, credible valuations. And that is where valuers stepped into the spotlight.
IPSAS — International Public Sector Accounting Standards — followed, crafted by the IPSASB to bring accountability to governments. It borrowed heavily from IFRS, but adapted the principles to the realities of public assets — roads, schools, hospitals, and land. For the first time, governments were asked to measure their resources with the same rigour as corporations.
IVS — International Valuation Standards — developed by the International Valuation Standards Council — became the valuer’s compass. It codified methodologies across asset classes, ensuring that when accountants asked for fair value, valuers could deliver it consistently and defensibly.
IVS was not created in isolation. It was shaped by the demands of IFRS and IPSAS.
The sequence matters. IFRS set the agenda. IPSAS followed. IVS rose to meet the demand.
Who leads, who follows?
Some ask: which standard is superior? My answer, after three decades, is clear — none. Each serves its constituency:
l IFRS dominates corporate reporting;
l IPSAS anchors public accountability; and
l IVS ensures valuations are globally consistent.
The standards are not rivals, but interlocking gears. Remove one, and the machine stalls. IFRS and IPSAS need IVS to operationalise fair value. IVS gains legitimacy through its integration into accounting frameworks. It is a symbiosis, not a hierarchy, period.
Zimbabwe’s enforcement reality
Zimbabwe has not stood still. We have embraced this global triad with seriousness and intent.
l IFRS is enforced by the Public Accountants and Auditors Board, ensuring corporate reporting meets international benchmarks;
l IPSAS was mandated by Statutory Instrument 41 of 2019, pushing government onto accrual based reporting. This was more than a technical reform. It was a constitutional commitment to transparency; and
l IVS is guarded by the Valuers Council of Zimbabwe, which requires compliance for professional practice, particularly in property and asset valuation.
Together, these enforcement mechanisms ensure Zimbabwe’s financial ecosystem is credible, transparent, and globally recognised. They are the backbone of our integration into international markets.
Valuer’s verdict
After 30 years, I have learned that accountants and valuers are not parallel professions. They are partners in nation building.
The accountant provides the framework. The valuer provides the truth behind the numbers. Without accurate valuations, fair value reporting collapses. Without accounting standards, valuations lack context.
In Zimbabwe, this partnership is more than technical. It is about trust. It is about attracting investment. It is about proving to the world that our institutions are credible.
When a Zimbabwean company reports under IFRS, when our government publishes IPSAS compliant accounts, when our valuers deliver IVS aligned valuations, we send a signal that Zimbabwe is serious about transparency.
Why it matters
Investors today are unforgiving. They demand clarity. They demand comparability. They demand assurance that the numbers they see reflect reality.
Accountants alone cannot provide that assurance. Valuers alone cannot provide the framework. But together, under IFRS, IPSAS, and IVS, they can.
This partnership also matters domestically. Citizens deserve to know how their government manages resources. Boards deserve to know the true value of their assets.
Banks deserve to know the collateral they hold is sound. Every stakeholder relies on the accountant or valuer partnership.
Looking ahead
The future will only deepen this interdependence. Climate-related disclosures, ESG reporting, and sustainability accounting are already reshaping the landscape.
Valuers will be called upon to measure environmental liabilities, stranded assets, and carbon footprints. Accountants will need to integrate these valuations into coherent, comparable reports.
Zimbabwe must stay ahead of this curve. Enforcement of IFRS, IPSAS, and IVS is not enough. We must invest in capacity building, professional development, and technology-driven transformation. The accountant or valuer partnership must evolve to meet new demands.
Final word
Accountants without valuers risk abstraction. Valuers without accountants risk irrelevance. Together, under IFRS, IPSAS, and IVS, they are Zimbabwe’s twin guardians of financial truth.
Thirty years in this profession have taught me that our work is not just about numbers. It is about trust. It is about credibility. It is about building a nation that can stands proudly in the global financial community.
And that, ultimately, is the legacy accountants and valuers must continue to build — side by side, standard by standard, truth by truth.
Juru is chief executive officer at Integrated Properties.