Operational Hours Mon - Fri: 8:00AM - 4:30PM
Information information@medicalschemes.co.za
+27 86 112 3267 +27 12 431 0500

Circular 12 of 2024: Annual Financial Statements & Annual Statutory Returns for 2023

The purpose of this Circular is to provide the industry with information relevant to the Annual Financial Statements and Annual Statutory Returns for 2023.


The Council for Medical Schemes (CMS) wishes to inform stakeholders that the South African Institute of Chartered Accountants’ Medical Schemes Accounting Guide (SAICA Guide) for the 2023 financial year has been revised.

The SAICA Guide, which was put together in consultation with stakeholders, assumes compliance with International Financial Reporting Standards (IFRS) and any additional financial reporting necessary to operate the business of a medical scheme.

It is important to note that the SAICA Guide is not considered complete in all aspects. Readers are advised to read the SAICA Guide in conjunction with applicable legislation, Circulars from the CMS, and IFRS, where appropriate, to ensure that all areas are adequately covered.

The SAICA Guide does not address audit issues. The Independent Regulatory Board for Auditors (IRBA) issues separate guidance for auditors of medical schemes.

Download the full Circular here