The Sri Lanka Accounting and Auditing standards Act No. 15 of 1995 has empowered the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) to adopt Sri Lanka Accounting Standards and Sri Lanka Auditing Standards in the country. The observances of the said standards are mandatory for Specified Business Enterprises (SBEs) in Sri Lanka. The Act provides the establishment of "Accounting Standards Committee" and "Auditing Standards Committee" for the purpose of assisting the Council of CA Sri Lanka in the adoption of these standards.
Sri Lanka has converged with the latest pronouncements issued by the IASB, IAASB and IFAC and CA Sri Lanka is indeed proud to be the pioneer in introducing good financial reporting practices in Sri Lanka.
Please visit: www.slaasc.lk for related technical resources on Accounting and Auditing Standards in Sri Lanka.
