Co-operative Societies Act 1979 · 2020 Revised Edition · Part 3 · Privileges and Duties of Societies
34. Annual reports, accounts and financial statements
Feedback & supportLast amended by an amending law of 2024. 3 amendments in all.
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.
society
“society” means a co-operative society registered under this Act and includes a primary society, a secondary society and an apex organisation;
The annual report of a society must be prepared in such form and manner, and contain such information, as the Registrar may require.
Registrar
“Registrar” means the Registrar of Co‑operative Societies appointed under section 3(1), and includes a Deputy Registrar, an Assistant Registrar, or a public officer appointed under section 3(1), exercising such function, duty or power of the Registrar as is delegated to the Deputy Registrar, Assistant Registrar or public officer (as the case may be) under section 3(2);
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.
The society must —
keep such accounting and other records of its transactions and affairs as will sufficiently —
explain the transactions and financial position of the society; and
enable the preparation from time to time of true and fair financial statements and any documents required to be attached to the financial statements;
cause the records to be kept in such manner as to enable them to be conveniently and properly audited; and
ensure that the financial statements give a true and fair view of the financial position and performance of the society.
[Deleted by Act 17 of 2024 wef 18/07/2024]
The Registrar may, on application by a society, extend the period of 6 months mentioned in subsection (1), if for any special reason the Registrar thinks fit to do so.
Subject to subsections (9) and (10), the financial statements of a society must be in compliance with —
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
other requirements substituted by the Minister in lieu of compliance with one or more requirements of the accounting standards referred to in paragraph (a).
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.
committee of management
“committee of management” means the governing body (by whatever name called) of a society which is responsible for the management of the affairs of the society;
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.
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 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;
particulars of the departure, the reason therefor and its effect, if any; and
such further information and explanation as will give a true and fair view of the financial position and performance of the society.
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.