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Financial Reporting Faculty

The Institute of Chartered Accountants of Sri Lanka formed the Financial Reporting Faculty with the core objective of serving as a forum for all concerned with financial reporting and to provide the necessary services, guidelines, research materials and training needed to enhance the quality of financial reporting in Sri Lanka's corporate sector.
The faculty was ceremonially launched on 8th July, 2004.
The objectives of the Financial Reporting Faculty are as follows;

  1. Development of Technical Policy in the area of Financial Reporting;
  2. Ensure that the Institute is in a position to reflect authoritatively the views and interests of Members, whether in practice or in business, on Financial Reporting matters of current concern;
  3. Submit views to other bodies on matters connected with Financial Reporting;
  4. Initiate original projects, either on the request of other bodies or where the Faculty considers that additional guidance may be helpful to Members;
  5. Identify the professional needs of all members interested in Financial Reporting issues and the best manner in which those needs might be met, while ensuring that its work entails the widest possible involvement of all Members, whether in business or in practice;
  6. Enable the Institute to promote its Members' interests effectively to Government, to regulatory agencies, IASB, IFRIC, SAFA, CAPA and other international institutions and organizations;
  7. Liase on Financial Reporting matters with the Institute's Audit and other Faculties and any other relevant body, that may be established by the Institute;
  8. To co-ordinate technical publications on Financial Reporting issued by the Technical Directorate of the Institute;
  9. Identify and / or commission appropriate research;
  10. Give first priority in its work to achieve excellence, in order to establish and maintain the reputation of the Institute as a leading authority in the SAFA countries;
  11. Initiating seminars, conferences, publications and other ventures to help members, whether in business or in practice, to highlight their contribution in advancing the theory and practice of accountancy and to promote the reputation of the Institute;
  12. Liase with the Statutory Accounting Standards Committee in connection with the work of the Faculty;
  13. Exploit opportunities as they arise to publicise the work of the Institute in the area of accounting so as continue to maintain a high profile; nationally, regionally and internationally; and
  14. Report to the Council the plans and activities on the Faculty.

 

Contact Financial Faculty

Ms. Hiranthi Wijetunge
T: +94 112 594118