Regulations > Co-operatives Administrative Regulations, 2016 > Chapter 1 : Co-operative Registration and Support > Part 2 : Financial Reporting Framework for Co-operatives

(1)	Nothing in this regulation precludes a co-operative—

(a)	that is required to prepare its financial statements to the standards of IFRS for SMEs, from preparing its financial statements to the standards of IFRS instead; or

(b)	that is not subject to any prescribed standards, from preparing its financial statements to the standards of either IFRS or IFRS for SME's: Provided that the basis of preparation of the financial statements must be disclosed in the financial statements.

(2)	For any particular co-operative any financial statements contemplated in this regulation and this Part must comply with the applicable standards for that Category as follows:

Category of co-operative

Financial reporting framework

Level of reporting

Category A Primary Co-operative

Category A1 : Only provide an income statement and balance statement (statement of financial position) as per Form CO-OP 15.1.

Annual submission of—

•	Form CO-OP 7;

•	Form CO-OP 8; and

•	Form CO-OP 15.1

Form CO-OP 15.1 must be completed by the Board of Directors

Category A2: The financial reporting framework as per Form CO-OP15.2 or a financial reporting framework as determined by the co-operative, provided that such reporting framework complies with the requirements for financial statements as defined in the Act.

Annual submission of—

•	Form CO-OP 7;

•	Form CO-OP 8; and

•	Form CO-OP 15.2

Form CO-OP 15.2 must be completed by the Board of Directors

Category B Primary Co-operative

IFRS for SMEs: Provided that the co- operative meets the scoping requirements outlined in IFRS for SME's. If the cooperative does not meet the scoping requirements outlined in IFRS for SME's the financial reporting framework as per Form CO-OP 15.2 or financial framework as determined by the co-operative provided that such reporting framework complies with the requirements for financial statements as defined in the Act.

Annual submission of—

•	Form CO-OP 7; and

•	Form CO-OP 8

The co-operative must appoint an independent reviewer and submit Form CO-OP 4 containing particulars of the appointment

Category C Primary Co-operative

IFRS for SMEs: Provided that the co-operative meets the scoping requirements outlined in IFRS for SME's. If the co-operative does not meet the scoping requirements outlined in IFRS for SME's the financial reporting framework as per Form CO-OP 15.2 or financial framework as determined by the co-operative provided that such reporting framework complies with the requirements for financial statements as defined in the Act.

Annual submission of—

•	Form CO-OP 7; and

•	Form CO-OP 8

The co-operative must appoint an auditor and submit Form CO-OP 4 containing particulars of the appointment

Secondary Co-operative

Tertiary Co-operative

National Apex Co-operative

Annual submission of—

•	Form CO-OP 7; and

•	Form CO-OP 8

The co-operative must appoint an auditor and submit Form CO-OP 4 containing particulars of the appointment

(3)	All co-operatives must circulate audited report, the independently reviewed report or annual report to all members at least fourteen days prior to the annual general meeting.

Co-operatives Act, 2005 (Act No. 14 of 2005)

Regulations

Co-operatives Administrative Regulations, 2016

Chapter 1 : Co-operative Registration and Support

Part 2 : Financial Reporting Framework for Co-operatives

30. Financial Reporting Framework