Contabilidade e regras contábeis na Botsuana

Accounting Rules

Tax Year

The tax year ends on 30 June; however, companies may set their own accounting year, ending on another date than 30 June. This accounting year is then used for the computation of the company’s taxable income.

Accounting Standards

International Financial Reporting Standards (IFRS) are required for both domestic and foreign companies whose securities trade in a public market. SMEs may opt to use IFRS for SMEs Standard if they meet all three of the following requirements:

• Turnover less than BWP10 million (approximately US$ 950,000)
• Assets less than BWP 5 million (approximately US$ 500,000)
• Company is not a subsidiary of a holding company

Larger SMEs are required to fully meet IFRS Standards.

Accounting Regulation Bodies

BICA
BAOA

Accounting Reports

The presentation and preparation of financial statements should be performed in accordance with the Financial Report Act No.11. Financial statements must include:

• Statement of Financial Position
• Statement of Profit or Loss and Other Comprehensive Income
• Statement of Distribution
• Statement of Cash Flows 
• Statement of Changes in Shareholder’s Funds
• Notes to Financial Statements

Publication Requirements

All companies incorporated in Botswana are required to prepare annual financial statements pursuant to the Companies Act. Group companies are required to prepare consolidated financial statements.

Professional Accountancy Bodies

BICA , Botswana Institute of Chartered Accountants

Certification and Auditing

 Financial statements, except those of private limited companies meeting certain thresholds, are required to be audited annually.

Accounting News