Extension of Time for 2023 Financial Statement Submissions to ACAR for Non-Profit Entities and Enterprises Subject to Independent Audit

Executive summary

Non-Profit entities and enterprises subject to independent audit are now allowed an extra 30 days to submit their financial statements to the Accounting and Auditing Regulator (ACAR). 

Detailed Changes

Currently, non-profit entities and enterprises that are subject to independent audit are required to submit their financial statements to ACAR by 20 July 2024. This deadline has been extended by 30 days to 20 August 2024. For those entities with a non-31 December 2023 year end, their deadline has been extended to 7 months plus 20 days after the year end.

Enterprises and entities that wish to seek extension of time must submit a letter to ACAR to request for the postponement of the completion of their independent audit no later than 30 July 2024.

The request should be accompanied by a public service fee of USD50, in accordance with Prakas No. 001, dated 12 January 2022, on Public Services of the Accounting and Auditing Regulator.

Our comments:

This extension demonstrates ACAR’s commitment to supporting business owners and non-profit entities in fulfilling their obligations by giving them more time to submit their financial statements. By providing additional time and clear guidelines, ACAR aims to facilitate a more efficient and compliant submission process for all entities under its jurisdiction. 

If you have any queries on this, please contact us at 023 216 717 or [email protected]