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Namibia Financial Institutions Supervisory Authority Issues New Standards for Friendly Societies’ Annual Reporting Requirements

The Namibia Financial Institutions Supervisory Authority (NAMFISA) has published new standards for friendly societies, outlining specific requirements for their annual reports. These standards aim to ensure transparency and accountability in the financial reporting of these organizations.

Key Changes

According to the new standards, which come into effect immediately:

All registered friendly societies must submit their annual reports within 90 calendar days after the end of their financial year.
NAMFISA may grant an extension of up to 180 days upon written application by a society before the expiration of the initial period.

Annual Report Requirements

The annual report must include:

Financial Statements

Prepared in accordance with Generally Accepted Accounting Practice (GAAP)
International Financial Reporting Standards (IFRS)
International Auditing Standards (IAS)

Additional Information

Statement of comprehensive income
Statement of financial position
Reports from the board, auditor, and valuator (if applicable)

Asset Valuation

The standards require that the assets of each benefit fund be measured at fair value, with changes in fair value recognized in the income statement.

Declaration

The report must include a declaration by the board regarding the accuracy of the financial statements and compliance with relevant laws and regulations.

Background

NAMFISA has issued these new standards under section 410 of the Financial Institutions and Markets Act, 2021 (Act No. 2 of 2021), to ensure that friendly societies maintain high standards of financial reporting and transparency.

Accessing the Standards

The full text of the standards can be accessed on NAMFISA’s website or obtained upon request from the authority.