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SAICA: 2024 Medical Schemes Accounting Guide
- 09 July 2025
- Accounting
- South African Accounting Academy
Summary:
The South African Institute of Chartered Accountants (SAICA) has issued their Medical Schemes Accounting Guide for the year ending 31 December 2024.
Article:
The financial statements of a medical scheme are prepared in accordance with IFRS Accounting Standards and in the manner required by the Act and Regulations thereto. The objective of this guide is to clarify certain financial reporting issues specific to the medical schemes industry.
Examples of illustrative disclosures required in terms of IFRS Accounting Standards that are particularly relevant for medical schemes are included in the appendices to the guide.
This guide (which is issued by SAICA every year) has been prepared to provide guidance to SAICA members on the accounting requirements applicable to schemes that carry on the business of a medical scheme and auditors of medical schemes.
Contents:
- Introduction
- Definitions
- Accounting Guide
- Appendix I – Common problem areas identified by the Council for Medical Aid Schemes
- Appendix II – Illustrative disclosure in the financial statements
The guide assumes compliance with IFRS® Accounting Standards and any additional requirements of CMS and addresses only the accounting and reporting issues that are generally applicable to schemes that carry on the business of a medical scheme.
The guide does not address audit issues. The Independent Regulatory Board for Auditors (IRBA) issues separate guidance for auditors of medical schemes.
Click here to download the 165-page Guide:
Relevance to Auditors, Independent Reviewers & Accountants:
- This guide provides guidance to SAICA members on the accounting requirements applicable to schemes that carry on the business of a medical scheme and auditors of medical schemes.
Relevance to Your clients:
- This guide provides guidance to SAICA members on the accounting requirements applicable to schemes that carry on the business of a medical scheme.