Page 116 - annual_report_2024

114 CA Sri Lanka Integrated Annual Report 2024

Notes to the Financial Statements

1. GENERAL INFORMATION the Financial Statements of the Institute Accordingly, Management has
1.1 Legal and Domicile Form continued to be prepared on a going determined that the Institute does not
The Institute of Chartered Accountants of concern basis. have exposure, or rights to variable
Sri Lanka (the Institute) is a statutory body returns from its involvement with APFASL.
incorporated by Institute of Chartered 1.4 Financial Period Hence there is no requirement for
Accountants Act No. 23 of 1959 (The Act), The financial period of the Institute consolidation.
and domiciled in Sri Lanka, situated at represents a twelve-month period from
30A, Malalasekara Mawatha, 1st January 2024 to 31st December 2024. 1.6 Basis of Preparation of Financial
Colombo 07. Statements
1.5 Accounting for Association of 1.6.1 Statement of Compliance
1.2 Principal Activities and Nature Public Finance Accountants of The financial statements of the Institute
of Operations Sri Lanka (APFASL) have been prepared in accordance with
E To promote in general the theory APFASL has been set up jointly with Sri Lanka Accounting Standards(SLFRS
and practice of accountancy and the Institute of Public Finance and and LKAS) issued by The Institute of
in particular auditing, financial Development Accountancy (IPFDA) and Chartered Accountants of Sri Lanka.
management and taxation. The Institute of Chartered Accountants
E To enroll, educate and train of Sri Lanka (CA Sri Lanka) in 2012, to These financial statements comprise
members who are desirous of enhance the capacity of public sector the Statement of Financial Position,
learning or improving their skills financial management professionals. Both Statement of Comprehensive Income,
and knowledge in disciplines such CA Sri Lanka and IPFDA have equally Statement of Changes in Funds and
as auditing, financial management contributed Rs. 10Mn as initial investment Reserves, Statement of Cash Flows and
and taxation. for this project. In terms of paragraph 5.9 notes to the financial statements.
E Act as the sole authority for of the Articles of Constitution of APFASL,
promulgating accounting and on the occasion of dissolution, the fund The principal accounting policies
auditing standards in Sri Lanka. will either be spent for collective welfare applied in the preparation of the financial
E To organize, finance and maintain purposes or be granted towards any statements are set out below. These
schemes for the granting of good cause as the general membership policies have been consistently applied
diplomas, certificates and other feels best. to all periods presented in the financial
awards to members of the Institute statements unless otherwise stated.
and other professional bodies and The assets and liabilities of Association of
to other persons who fulfill the Public Finance Accountants of Sri Lanka 1.6.2 Basis of Measurement
prescribed conditions.
E Adoption and implementation of (APFASL) which had been amalgamated The financial statements have been
with the Institute financials up to year
prepared on the accrual basis and on the
code of ethics and best practices.
E Conducting technical awareness 2015 have been de- recognised from the historical cost convention, except where
financial statements of the Institute from
campaigns in the form of appropriate disclosures are made with
seminars, workshops, and events the year 2016 due to the amendment regard to fair value under relevant notes.
to ensure continuous professional of certain clauses and provisions of
development of the members. the Constitution of APFASL in order to 1.6.3 Comparative Information
E Regulation and supervision of operate as a more autonomous entity. Comparative information including
student education and training. quantitative, narrative and descriptive
E Activities on matters of public When determining that there is no information is disclosed in respect of the
interest. requirement for consolidation, the previous period for all amounts reported
consideration has been drawn to all in the financial statements, in order
1.3 Going Concern factors and circumstances in SLFRS 10 to enhance the understanding of the
The Council of the Institute has made an - “Consolidated Financial Statements” financial statements of the current period
assessment of its ability to continue as a (Paragraph 7) as follows: and to improve comparability.
going concern and is satisfied that it has (a) power over the investee.
the resources to continue its operations (b) exposure, or rights, to variable Where necessary, comparative figures
in the foreseeable future. Furthermore, returns from its involvement with the have been rearranged to conform to the
the council is not aware of any material investee; and current year’s presentation .
uncertainties that may cast significant (c) the ability to use its power over the
doubt upon the ability of the Institute to investee to affect the amount of the 1.6.4 Responsibility and Approval of
continue as a going concern. Therefore, investor’s returns. Financial Statements
The Council of The Institute of Chartered
Accountants of Sri Lanka acknowledges