Regulatory Alerts2026-07-13
Added
Namibia Financial Institutions Supervisory Authority Standards for Friendly Societies: Statements of Assets and Liabilities
The Namibia Financial Institutions Supervisory Authority (NAMFISA) publishes standards requiring all registered friendly societies to prepare annual statements of assets and liabilities in compliance with Generally Accepted Accounting Practice and International Auditing Standards. Societies must deposit the statement of assets within three months of their financial year-end, while statements including actuarial liabilities must be deposited within three months of valuation completion but no later than six months after the financial year-end. The regulations mandate specific disclosure formats, prohibit the inclusion of future member contributions or goodwill as assets, and require separate accounting for business activities outside a society's objects.