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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 – Derivative