SAICA Issues Updated Medical Schemes Accounting Guide 2025
Brought to you by SA Accounting Academy: The South African Institute of Chartered Accountants (SAICA) has released an updated version of the Medical Schemes Accounting Guide for 2025, following the initial release earlier this year.
In terms of the reporting obligations under the Medical Schemes Act, No. 131 of 1998, and the regulatory requirements of the Council for Medical Schemes (CMS), this guide provides essential guidance for entities carrying on the business of a medical scheme. The 2025 edition was updated by the SAICA Medical Schemes Project Group (MSPG) in consultation with the CMS and follows the previous alert issued on 9 July 2025.
The guidance is predicated on compliance with IFRS® Accounting Standards and incorporates additional reporting directives issued by the CMS. It addresses accounting and reporting issues generally applicable to medical schemes but is not exhaustive; practitioners must read the guide in conjunction with:
- Applicable legislation, specifically the Medical Schemes Act, No. 131 of 1998;
- Current CMS circulars and directives; and
- Relevant IFRS Accounting Standards.
The guide specifically excludes audit-related issues, as the Independent Regulatory Board for Auditors (IRBA) issues separate guidance for the auditors of medical schemes. Practitioners are advised to consider the specific facts and circumstances of each scheme to ensure comprehensive reporting coverage.
Click here to download the SAICA Medical Schemes Accounting Guide 2025.
What this means for you, your business, or your clients
- For yourself: You must apply the updated interpretations of IFRS and CMS directives as outlined in the 2025 Guide when preparing or reviewing medical scheme financial statements.
- For your business: Your firm should update its internal compliance frameworks and reporting templates to align with the revised SAICA MSPG guidance to ensure consistency in medical scheme engagements.
- For your clients: Medical scheme clients must be advised to reconcile their current accounting policies with the updated guide to ensure that all CMS-specific reporting requirements are met for the current financial year.
Originally published at https://accountingacademy.co.za/news/read/saica-updated-medical-schemes-accounting-guide-2025