Page 121 - annual_report_2024
P. 121
CA Sri Lanka Integrated Annual Report 2024 119
income and there are no tax losses to be exchange differences are reported in the statement of comprehensive income.
set off against any future taxable income. statement of comprehensive income. Surplus funds are transferred from
Deferred tax has not been provided in the restricted funds to unrestricted funds in
financial statements. 2.3 Accounting for the Receipt and terms of the relevant donor agreements
Utilization of Funds, Grants and or with the subsequent approval of the
2.2.5 Translation of Foreign Currency Reserves donor.
Transactions The Institute received various grants for
Transactions in currencies other than specific development activities. Funds, Contributions and donations received
Sri Lankan Rupees are converted grants and reserves have been classified from the general public are recognised in
into Sri Lankan Rupees at rates which as unrestricted funds, restricted funds and the statement of comprehensive income
approximate the actual rates at the endowment funds. at the time of receipt, where there are no
transaction date. At the reporting date, terms of references.
monetary assets (including securities) 2.3.1 Unrestricted Funds
and liabilities denominated in foreign Unrestricted funds are those that are Designated Funds
currency are converted into Sri Lankan available for use by the Institute at the Unrestricted funds designated by
Rupees at the rate of exchange at that discretion of the Council and funds that the Council to a specific purpose are
date. Non - monetary assets and liabilities are designated for a specific purpose by identified as designated funds. The
in foreign currencies that are stated the Council in furtherance of the general Institute has accounted the following
at historical cost are translated at the objectives of the Institute. Allocations funds as designated funds and the
foreign exchange rate at the date of the made by the Council for the credit of purpose of such funds are elaborated as
transaction. Realized and unrealized the designated funds are charged to the follows,
(a) Funds
Name of the Designated Fund Purpose
Needy Students’ Scholarship Fund
L. A. Weerasinghe Memorial Needy Scholarship Fund Help deserving and promising CA Sri Lanka students
Merit Scholarship Funds
E General Fund Help deserving and promising students who have shown
E CA Sri Lanka Scholarship Funds exceptional performance at CA Sri Lanka examinations and
District 1st Scholarship Fund undergoing Business level training.
A/L Top 10 Scholarship Fund
Children of staff members’ Scholarship Fund
Inter-school Commerce competition Scholarship Fund
National Conference Scholarship Fund
CA Talent Scholarship Fund
Top achievers at A/L tutorial Scholarship Fund
Other Funds
Faculty of Taxation Fund Development of the tax profession
Faculty of Auditing Fund Development of the auditing profession
Publication Fund Development of publications
Urgent Issues Task Force Fund Interpretation of accounting issues
2.3.2 Restricted Funds
Where grants / donations are received for use in an identified project or activity, such funds are held in a restricted fund account
and transferred to the statement of comprehensive income to match with expenses incurred in respect of that identified project.
Unutilized funds are held in their respective fund accounts and included under accumulated fund and reserves in the statement of
financial position until such time as they are required.
Where approved grant expenditure exceeds the income received and there is certainty that the balance will be received, such
amounts are recognized through receivables in the statement of financial position.
