Page 96 - annual_report_2024

94 CA Sri Lanka Integrated Annual Report 2024

Cutting Edge Global Standards

Regulators and International Standards Setters

Sri Lanka Accounting and Auditing Standards International Federation of Accountants
Monitoring Board (SLAASMB) (IFAC)
Sri Lanka Accounting and Auditing Standards As the National Standards Setter, CA Sri Lanka has
Monitoring Board (SLAASMB), incorporated under been a member of the International Federation of
the Sri Lanka Accounting and Auditing Standards Accountants (IFAC) since 1978. This membership
Act No. 15 of 1995, is Sri Lanka’s independent allows us to share knowledge and resources for
regulator responsible for monitoring compliance the development of auditing and quality assurance
with accounting and auditing standards in relation standards, as well as the Code of Ethics. CA
to the financial statements of specified entities. Sri Lanka remain committed to ensuring
compliance with all IFAC requirements to uphold
As the National Standards Setter, three members the highest professional standards.
from CA Sri Lanka serve on the board of SLAASMB
to contribute to its decision-making process. The International Financial Reporting
Standards (IFRS) Foundation
The Institute organised an awareness session in As a member of the IFRS Foundation, CA
September 2024 in collaboration with SLAASMB Sri Lanka refers international financial reporting
on non-compliances with Sri Lanka Accounting standards in developing Sri Lanka Accounting
and Auditing Standards identified by the regulator. Standards considering the nature of financial
The objective was to educate preparers and reporting landscape of our country. Therefore,
auditors of financial statements, helping them application of Sri Lanka Accounting standards are
improve financial reporting practices. now in compliance with international accounting
standards and our entities are able to comply with
Securities and Exchange Commission of the global best practices of accounting standards.
Sri Lanka (SEC)
Securities and Exchange Commission of Sri Lanka In our efforts and contributions to standards setting
(SEC) is the sole regulator of the capital market in and dissemination of knowledge in the South
Sri Lanka. Its mission is to promote, develop, and Asian Region, Manil Jayesinghe was nominated
maintain a fair, efficient, orderly, and transparent to the IFRS Foundation advisory council for a two
capital market while protecting the interests of year term beginning from 1 January 2025. This
both local and foreign investors. The establishment is a remarkable recognition for CA Sri Lanka as
and constitution of the SEC were initially provided the first time the Institute has received a highest
for by the Securities and Exchange Commission recognition in the Foundation’s advisory board.
Act No. 36 of 1987, later amended by Act No. 26 of
1991, Act No. 18 of 2003 and Act No. 19 of 2021. During the year, CA Sri Lanka has entered into
an agreement with the IFRS Foundation for
Heshana Kuruppu, the President of CA supply of data for development and publication
Sri Lanka serves as an ex-officio member of the of sustainability disclosure standards. Therefore,
commission extending his official duties as the our arena for developing standards to maintain
National Standards Setter. Throughout 2024, CA the uniformity of business financial reporting
Sri Lanka have actively engaged in various standards would be strengthened further and our
initiatives, including by providing technical professional competency in standards setting has
guidance on the development of the Extensible been recognized.
Business Reporting Language (XBRL) project.

Additionally, in partnership with SEC, CA Sri Lanka
successfully conducted an insightful session on
02nd August 2024, to educate CEOs and CFOs
on Sustainability Disclosure Standards S1 and S2,
emphasizing their role in the implementation of
these standards. The event took place at the SEC
headquarters.