34.—(1) A society must, as soon as practicable but not later than 6 months after the close of each financial year, submit to the Registrar an annual report on its activities during the year together with a copy of the audited financial statements of the society and the audit report for that year.
(2) The annual report of a society must be prepared in such form and manner, and contain such information, as the Registrar may require.
[3/2018]
(3) The society must do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorised and that adequate control is maintained over the assets of, or in custody of, the society and over the expenditure incurred by the society.
[3/2018]
(4) The society must —
(a)
keep such accounting and other records of its transactions and affairs as will sufficiently —
(i)
explain the transactions and financial position of the society; and
(ii)
enable the preparation from time to time of true and fair financial statements and any documents required to be attached to the financial statements;
(b)
cause the records to be kept in such manner as to enable them to be conveniently and properly audited; and
(c)
ensure that the financial statements give a true and fair view of the financial position and performance of the society.
[3/2018]
(5) The society must, as soon as practicable but not later than 6 months after the close of the financial year, prepare and submit the financial statements in respect of that year to the auditor who must audit and report on them.
(6) Despite subsection (5), the Registrar may, on application by a society, extend the period of 6 months referred to in that subsection, if for any special reason the Registrar thinks fit to do so.
(7) Subject to subsections (9) and (10), the financial statements of a society must be in compliance with —
(a)
any accounting standards that may be made or formulated by the Accounting Standards Committee under Part 3 of the Accounting Standards Act 2007 and applicable to the society; or
[Act 36 of 2022 wef 01/04/2023]
(b)
other requirements substituted by the Minister in lieu of compliance with one or more requirements of the accounting standards referred to in paragraph (a).
(8) The committee of management of a society must cause to be attached, to the audited financial statements of the society, such report (if any), in such form and manner and containing such information, as the Registrar may require.
[3/2018]
(9) Where the financial statements prepared in accordance with any accounting standard or requirement referred to in subsection (7) would not give a true and fair view of the financial position and performance of the society as at the end of the period to which they relate, the financial statements need not be in compliance with that accounting standard or requirement to the extent that this is necessary for them to give a true and fair view of the financial position and performance of the society.
[3/2018]
(10) In the event of any non-compliance with any accounting standard or requirement referred to in subsection (7), there must be included in the financial statements —
(a)
a statement by the auditor of the society that the auditor agrees that the non-compliance is necessary for the financial statements to give a true and fair view of the financial position and performance of the society;
(b)
particulars of the departure, the reason therefor and its effect, if any; and
(c)
such further information and explanation as will give a true and fair view of the financial position and performance of the society.
[3/2018]
(11) Any society which fails to comply with subsection (7) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.