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CA Sri Lanka’s public sector wing enhances financial management practices within public sector institutions

In its continuing efforts to enhance the capacity and capabilities of public sector accountants, auditors and assessors, the Association of Public Finance Accountants of Sri Lanka (APFASL), the public sector wing of the Institute of Chartered Accountants of Sri Lanka embarked on several initiatives during 2013 which aimed at enhancing the financial management practices within public sector institutions in Sri Lanka.

The highlights of the initiatives included the development of training material and training manuals on Sri Lanka Public Sector Accounting Standards (SLPSAS), conducting a series of training programmes for accountants in the public sector, formulate a plan to implement SLPSAS in public sector institutions across the country and prepare a concept paper for a local professional qualification for public sector financial managers with the assistance of the Chartered Institute of Public Finance and Accountancy, London.

APFASL also conducted several awareness programmes on the public sector accounting standards at ministries, departments, municipal councils, urban councils, universities and other non – commercial statutory boards, to educate stakeholders on the importance of adopting these standards and also how it would be beneficial to the sector.

APFASL also facilitated the implementation of a number of other initiatives including the treasury circular on accrual based accounting, a new coding system for reporting fixed assets for the benefit of government ministries and departments including urban councils and municipal councils.

A number of programmes were also conducted throughout 2013 targeting chief accountants, internal auditors and other personnel involved in the preparation and presentation of financial statements in government ministries and departments on the Sri Lanka Public Sector Accounting Standards.