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CA Sri Lanka together with World Bank in fresh initiative to increase IFRS adoption

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently launched a fresh initiative aimed at increasing the adoption of International Financial Reporting Standards (IFRS) across the country.

Backed by a World Bank grant, the Institute as the first step in this important initiative recently conducted a special training programme for the benefit of preparers of financial statements, auditors and regulators, aimed at raising awareness amongst stakeholders to ensure compliance in financial reporting standards, to ensure a common platform for financial reporting in the country in line with international standards.

The programme was conducted by Mike Turner, one of the world’s leading trainers on IFRS with over 20 years of experience.

During the programme, Turner provided valuable insight to participants on how to successfully implement IFRS and the many benefits the standards can derive, including the strengthening of the accounting profession as well as the contribution to the long term growth of the economy, through improved regulations and governance as well as enhanced transparency.

CA Sri Lanka President, Mr. Sujeewa Rajapakse noted that the institute was taking significant effort to continuously educate professionals on the recent developments in financial reporting standards, and with this objective regular seminars and workshops have been conducted not only in Colombo but also in cities out of Colombo.

“As one of the largest professional organisations in the country with an impressive command both locally and globally, we believe it is our duty to ensure all our chartered accountants and professionals from even the non-accounting sectors are educated on the importance of IFRS convergence and the significance of adopting these standards,” Mr. Rajapakse said.

“Convergence with IFRS is a major breakthrough for companies in Sri Lanka as they now have a common, high quality and internationally accepted set of accounting and financial reporting standards to follow,” he said, while adding that the convergence will also bring in ‘more credibility’ to financial reporting in the country.

Chief Executive Officer of CA Sri Lanka, Mr. Aruna Alwis emphasized that with IFRS gaining rapid acceptance across the globe with over a 100 countries adopting the standard, it was commendable that a nation such as ours is also now in line with the global trend in enabling a common language for financial reporting processes following the convergence with IFRS.

“As the sole authority in promulgating accounting standards in the country, CA Sri Lanka is taking all necessary steps to ensure that all stakeholders are well educated on this important convergence,” Mr. Alwis added.

In its capacity as the sole authority in promulgating accounting standards in the country, CA Sri Lanka decided to converge with IFRS from 1 January 2012.