New reporting requirements for ICASA licensees
Posted by LA Thornton on Tuesday, April 21, 2015
By a notice published on 20 April 2015, ICASA has appeared to have amended its reporting requirements in respect of licence fees and universal service and access fund contributions.
The following reporting requirements are currently in force.
1. FORM 2, BASIC FINANCIAL REPORTING FORM, PAYMENT OF LICENCE AND USAF FEES, must be submitted along with payment of the required annual licence fees and contributions to the USAF, within six months of a licensee's financial year end. FORM 2 was published in 2011 with the Compliance Regulations.
2. Licensees with financial year ends in October, November, December, January, February and March, must submit an annual forecast of licence fees using the format in SCHEDULE 3(1) of the Licence Fee Regulations, at the end of April. (This form must also be submitted with payment of the fees, along with the annual financial statements, and a confirmation from the auditor regarding the accuracy of the information used to compile the information in terms of an engagement undertaking in accordance with the International Standards for Related Services 4400, Engagement to Perform Agreed-Upon Procedures Regarding Financial Information.)
The April 20 2015 notice seems to extend this second obligation to all licensees, and it also requires forecasts not only in respect of licence fees, but also for USAF contributions. The notice also requires broadcasting licensees to specify the amount they will be paying to the Media Development and Diversity Agency. And it requires all licensees to submit a trial balance, detailed management accounts and reconciliations between the trial balance, management accounts, and a calculation of the forecasts.
ICASA requires compliance with these new requirements by 30 April 2015, and warns licensees that those who fail to submit the requested information by the deadline will be liable to appear before the Compliance and Complaints Committee.
The following reporting requirements are currently in force.
1. FORM 2, BASIC FINANCIAL REPORTING FORM, PAYMENT OF LICENCE AND USAF FEES, must be submitted along with payment of the required annual licence fees and contributions to the USAF, within six months of a licensee's financial year end. FORM 2 was published in 2011 with the Compliance Regulations.
2. Licensees with financial year ends in October, November, December, January, February and March, must submit an annual forecast of licence fees using the format in SCHEDULE 3(1) of the Licence Fee Regulations, at the end of April. (This form must also be submitted with payment of the fees, along with the annual financial statements, and a confirmation from the auditor regarding the accuracy of the information used to compile the information in terms of an engagement undertaking in accordance with the International Standards for Related Services 4400, Engagement to Perform Agreed-Upon Procedures Regarding Financial Information.)
The April 20 2015 notice seems to extend this second obligation to all licensees, and it also requires forecasts not only in respect of licence fees, but also for USAF contributions. The notice also requires broadcasting licensees to specify the amount they will be paying to the Media Development and Diversity Agency. And it requires all licensees to submit a trial balance, detailed management accounts and reconciliations between the trial balance, management accounts, and a calculation of the forecasts.
ICASA requires compliance with these new requirements by 30 April 2015, and warns licensees that those who fail to submit the requested information by the deadline will be liable to appear before the Compliance and Complaints Committee.
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