Regulatory Alerts2021-11-11
Added · Updated
FS.S.6.2 Statement of Liabilities
The Namibia Financial Institutions Supervisory Authority issued Standard FS.S.6.2 to establish mandatory reporting requirements for the statements of liabilities of registered friendly societies under the Financial Institutions and Markets Act, 2021. The standard mandates annual preparation of non-actuarial liability statements and triennial valuations for liabilities requiring actuarial scrutiny, with strict deadlines for depositing completed reports within 90 to 180 days of the financial year-end. It prescribes detailed disclosure formats covering unmatured and matured contracts, reinsurance treatments, accrued expenses, taxes, and indeterminate liabilities, while requiring compliance with Generally Accepted Accounting Practice, International Auditing Standards, and binding valuator certificates.