SAICA Issues 2024 Medical Schemes Accounting Guide

Posted 09 July 2025 Written by Acts Online
Category Financial and Accounting

Brought to you by SA Accounting Academy: In terms of the Medical Schemes Act, No. 131 of 1998 and the Regulations thereto, the South African Institute of Chartered Accountants (SAICA) has released the Medical Schemes Accounting Guide for the financial year ending 31 December 2024.

The guide is intended to clarify financial reporting issues specific to the medical schemes industry, ensuring that financial statements are prepared in accordance with IFRS Accounting Standards and the specific requirements of the Council for Medical Schemes (CMS). The 2024 edition includes updated illustrative disclosures in its appendices to assist preparers in meeting IFRS requirements relevant to the sector.

The scope of the guide is limited to accounting and reporting issues generally applicable to schemes carrying on the business of a medical scheme. It does not address auditing standards or procedures, as the Independent Regulatory Board for Auditors (IRBA) maintains separate guidance for the auditors of these entities.

Key focus areas of the guide include:

  • Compliance with IFRS Accounting Standards within the South African regulatory context;
  • Specific financial reporting issues unique to medical schemes; and
  • Illustrative disclosure templates for year-end financial statements.

Click here to download the Medical Schemes Accounting Guide for the Year Ended 31 December 2024.

What this means for you, your business, or your clients

  • For yourself: You must apply the updated 2024 illustrative disclosures and industry-specific IFRS interpretations when preparing or reviewing financial statements for the current reporting period ending 31 December 2024.
  • For your business: Your firm should update its audit programs and financial statement templates to align with the latest SAICA guidance to ensure compliance with both IFRS and CMS regulatory expectations.
  • For your clients: Medical scheme clients must be advised on the specific disclosure requirements for the 2024 year-end to mitigate the risk of non-compliance with the Medical Schemes Act, No. 131 of 1998 and potential queries from the CMS.

Originally published at https://accountingacademy.co.za/news/read/saica-2024-medical-schemes-accounting-guide

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