Mutual Banks Act, 1993 (Act No. 124 of 1993)

Regulations

Regulations relating to Mutual Banks

Chapter II : Risk-based Returns and Instructions, Directives and Interpretations relating to the completion thereof

17. Accrued interest and amounts
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(1)All liabilities and assets shall include interest accrued up to the end of the period to which the statement relates. If this is not possible, accrued interest should be reflected under other assets and other liabilities.

 

(2)Amounts shall be shown to the nearest thousand units of currency, for example, R4 107 498 and R4 107 540 shall be reported as R4 107 and R4 108, respectively.