Deadline for Renewal of Registration for 2025

NOTICE TO PUBLIC INTEREST ENTITIES 

ALL PUBLIC INTEREST ENTITIES ARE NOTIFIED OF THE DEADLINE FOR RENEWAL OF REGISTRATION FOR 2025 WITH THE BOTSWANA ACCOUNTANCY OVERSIGHT AUTHORITY

The Botswana Accountancy Oversight Authority (the Authority) wishes to remind all its stakeholders that renewal of registration with the Authority as a Public Interest Entity (PIE), has commenced and the deadline for registration is 31 December 2024. This is pursuant to Regulations 4 and 5(2)(b) of the Financial Reporting Regulations, 2021.

In accordance with the Regulation 7 (2), entities which fail to renew registration as such or fail to pay the renewal of registration fee timeously shall be liable to pay a penalty of fifty percent (50 %) of the registration fee or renewal fee.

Entities which are required to register with the Authority as PIEs for this purpose, are defined in Section 22 of the Financial Reporting Act, 2010, read with the Financial Reporting (Amendment) Act, 2020, as:

1. Any entity that has issued equity or debt securities for public subscription and which is listed in a Stock Exchange;
2. Any bank, deposit taking institution, or other institution that is subject to the supervision by the Bank of Botswana;
3. Any insurance company, pension and provident fund, collective investments undertaking, and any other institution that is subject to supervision by the Non-Bank Financial Institutions Regulatory Authority;
4. Any entity to which any (two (2)) of the following conditions are applicable in excess of an amount or number the Minister may prescribe in the Regulations –
   1. 1. Annual revenue,
      2. Number of employees,
      3. The total assets, or
      4. Total liability, not including shareholder’s equity, applicable at the end of the preceding accounting year, and

5. Any partly or wholly funded public body.

For purposes of category 4 of PIEs as listed above, the Minister has, through Regulation 3(1) of the Financial Reporting Regulations, 2021, determined the below thresholds:

1. An annual revenue of P200 million;
2. 150 employees;
3. Total assets of P150 million; or
4. Total liabilities of P50 million not including shareholders’ equity.

The thresholds above are determined based on the audited financial statements of the preceding accounting period. Therefore, entities that do not have audited financial statements for 2024, should register using the 2023 statements, and thereafter, submit the 2024 audited statements to the Authority once finalised.

All PIEs as defined above, which have not yet registered with the Authority are urged to register by the above-mentioned deadline, taking note that failure to do so is a breach of the Law which may attract significant penalties.

 Registration and renewals are done through completion of the forms which are available at www.baoa.org.bw, and once completed, should be submitted to the Authority’s offices at Plot 54357, Varsha House Tenth Floor, CBD, Gaborone, together with the required annexure. The office is situated in the CTO building, behind The Fields Mall, and across the Ministry of Defence, Justice and Security. Electronic forms and supporting documents may also be sent to registrar@baoa.org.bw.

Please contact Mr. Ishmael Moatshe at imoatshe@baoa.org.bw or telephone number 3919735 for any further clarification.