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Comptabilitat a Malawi

Accounting Rules

Tax Year
The fiscal year runs from 1 July to 30 June, though a company may adopt any other date as its accounting year-end.
Accounting Standards
The Companies Act, Act No. 15 of 2013 stipulates that financial statements for all companies must be prepared in accordance with IFRS or IFRS for SMEs. Companies that are considered public interest entities (PIEs) must use full IFRS while all other companies may choose to use full IFRS or IFRS for SMEs.
Accounting Regulation Bodies
Institute of Chartered Accountants in Malawi (ICAM)
Accounting Reports
Financial statements must include:
Statement of financial position
Statement of profit and loss and other comprehensive income
Statement of changes in equity
Statement of cash flows
Notes to financial statements
Publication Requirements

All company directors must prepare and send to all members of the company and its debenture holders a copy of the following documents, within eighteen months after the incorporation of the company and at least once every calendar year (at intervals of no more than fifteen months):

  • a profit and loss account and balance sheet prepared and signed
  • in the case of a public company or a group company of a public company, a report by the directors
  • a report by the auditors
Professional Accountancy Bodies
Institute of Chartered Accountants in Malawi (ICAM)
Malawi Accountants Board (MAB)
Certification and Auditing
Auditing is not mandatory for private companies, although such companies may decide to appoint an auditor. Private companies are those with a minimum of one and a maximum of 50 shareholders; companies that are prohibited from offering their securities to the public; and companies with an annual turnover of MWK 20 million or less (approximately USD 27,000).
For all other companies, the 2013 Companies Act states that audits must be carried out in accordance with ISA. Under the 2012 Public Accountant and Auditors Act, only practising accountants of ICAM, registered with the Malawi Accountancy Board, are allowed to perform audit attest functions.
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Actualitzacions: May 2024

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