Circular 32 of 2025: General concerns noted during the analysis of the 2024 AFS and FASR

The Council for Medical Schemes (CMS) would like to express its appreciation to medical schemes, administrators and auditors for their cooperation in submitting the 2024 Annual Financial Statements (AFS) and Financial Annual Statutory Returns (FASR) within the prescribed period, as required by Circular 12 of 2025.

The purpose of this Circular is to bring to your attention common problems and issues identified during the analysis of the AFS and FASR in order to:

• Enhance the quality of data submitted in the AFS and FASR.
• Achieve standardisation and uniformity regarding proper disclosure.
• Reduce or minimise errors.
• Establish good financial reporting for the industry in line with the requirements of IFRS Accounting Standards.

Download the Circular here.