What does this mean for your business?
The South African National Accreditation System (SANAS) is the body responsible for the accreditation of BEE verification agencies. SANAS recently specifically addressed the measurement period that entities can use for their BEE verification.
In the past, some verification agencies were willing to accept financial statements for any 12-month period, but SANAS has now stated clearly that the measured period can only ever be the financial year-end for the business as registered with the CIPC.
All verifications must be done on the latest financial year-end of the company, regardless of whether the financial statements are ready or not.
If the financial statements are not yet ready, you will have to do a ten-point check on the management accounts. For most company’s, this means that they will have to submit on the financial year-end of February 2021.
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