Regulatory Alerts2021-11-11
Added · Updated
Requirements for the Annual Report of a Friendly Society (FS.S.6.5)
The Namibia Financial Institutions Supervisory Authority issued Standard No. FS.S.6.5 to mandate registered friendly societies and their governing bodies to submit annual reports and audited financial statements within 90 days of each financial year-end. The standard requires these submissions to comply with specified accounting frameworks, measure benefit fund assets at fair value, and include board declarations verifying accurate profit representation, financial positioning, and surplus distribution. NAMFISA retains discretion to grant extensions up to 180 days upon written application, while ensuring all valuations and auditor certifications align with established professional standards.
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