Circular 5 of 2025: Financial Annual Statutory Return Workshop 2025

The Council for Medical Schemes (CMS) invites administrators, schemes and auditors to attend the Financial Annual Statutory Returns (FASR) workshop for 2025.

The implementation of the International Financial Reporting Standard (IFRS) 17: Insurance Contracts required substantial changes* to many parts of the FASR in 2023, which resulted in significant delays in the submission deadlines. Changes made to the FASR for 2024 are limited to crucial changes to allow for a more expedient submission.

The workshop will focus on the main changes to the FASR for the year ending 31 December 2024 and issues identified during the analysis of the 2023 FASR. The South African Institute for Chartered Accountants (SAICA) has also agreed to present the 2024 Medical Schemes Accounting Guide.

The workshop will further provide an opportunity for the industry to engage with CMS on any questions relating to the submission. *It should be noted that although the return is aligned with IFRS disclosures, it does not need to adhere to IFRS as it is a regulatory tool.

The workshop will take place as follows:

Date: 14 March 2025              

Time: 10h00 – 13h00

Venue: CMS Offices (Block A, Eco Glades 2 Office Park, 420 Witch-Hazel Avenue, Eco Park, Centurion)

RSVP: Please click here to confirm your attendance by completing the form by 11 March 2025. 

Attendance will be free of charge. Please note that this is a physical workshop; no online link will be available.

A copy of the presentation will be provided on request.

We look forward to your attendance.

Download the Circular here