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CA Sri Lanka to kick off seminar series on Sri Lanka Accounting Standards

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), in its capacity as the sole authority to promulgate accounting standards in the country, will kick off a seminar series on accounting standards in its continuing attempts to promote better understanding of these standards among all stakeholders.

The seminar series comprising of 25 sessions will commence on 12th September 2014 and will conclude on 16th December 2014 where case studies related to the standards will be discussed. The series which will feature well versed experts on the subject will be a comprehensive learning experience on the latest Sri Lanka Accounting Standards based on the International Financial Reporting Standards (IFRS).

The series will include a full review of the of Sri Lanka Accounting Standards, applicable from 1 January 2012, and subsequent changes; cover the fundamental concepts, illustrated with practical examples; comprehensive calculations and case studies on practical scenarios; illustrate how IFRICs and SICs correspond to each standard; and give the opportunity for participants to discuss issues arising from the implementation of the new Sri Lanka Accounting Standards.

Session 1 in the series will focus on conceptual framework, while session 2 will educate participants on SLFRS 1 - First time adoption of SLFRSs, LKAS 1 - Presentation of financial statements and LKAS 7 – Statement of Cash Flows. Session 3 will focus on LKAS 16 - Property Plant and Equipment while session 4 will be on LKAS 11 - Construction Contracts and LKAS 20 Accounting for Government Grants and Disclosure of Government Assistance. The 5th session will be on LKAS 38 - Intangible Assets and LKAS 40 - Investment Property, and the 6th session will be on LKAS 36 - Impairment of Assets.

Session 7 will educate participants on financial instruments – Debt Vs Equity, Classification & Measurement and Derecognition, while session 9 will be on Financial Instruments – Derivatives and Disclosures. The 10th session will be on SLFRS 8 - Operating Segments and LKAS 17 – Leases, while session 11 will be on LKAS 27 - Separate Financial Statements and SLFRS 3 - Business Combination. Session 12 will be on SLFRS 10 - Consolidated Financial Statements and SLFRS 12 - Disclosure of Interests in Other Entities.

Session 13 will be on SLFRS 11 Joint Arrangements and LKAS 28 - Investments in Associates and Joint Ventures, session 14 on LKAS 24 - Related Party Disclosures and session 15 on LKAS 2 - Inventories and LKAS 34 - Interim Financial Reporting. Session 16 will focus on SLFRS 13 Fair Value Measurement and session 17 on SLFRS 5 - Non Current Assets Held for Sale and Discontinued Operations and LKAS 23 – Borrowing Costs.

Session 18 will educate participants on LKAS 41- Agriculture, while session 19 will be on LKAS 21 - The Effects of Changes in Foreign Exchange Rates and SLFRS 4 - Insurance Contracts.

Session 20 will be on LKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and LKAS 10 Events after the Reporting Period, session 21 on LKAS 12 - Income Taxes and session 22 on LKAS 18 – Revenue. Session 23 will focus on LKAS 37 - Provisions, Contingent Liabilities and contingent assets, while session 24 will be on LKAS 33 - Earning per share and SLFRS 2 - Share based Payment. The final session will be on LKAS 19 - Employee Benefits and LKAS 26 Accounting and Reporting by Retirement Benefit Plans.

Sri Lanka converged with the International Financial Reporting Standards (IFRSs) from 1st January 2012.