The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and its public sector wing, will host a high profile regional seminar in November, to help stimulate thinking on how South Asia can take financial reporting practices to the next level. Organised by the South Asian Federation of Accountants (SAFA), World Bank Group, and CA Sri Lanka, the two-day seminar series on ‘Enhancing public financial reporting to promote growth in South Asia’ will also be supported by the Asian Development Bank.
The programme on November 3 and 4, will bring together policy makers, preparers and users of financial statements, regulators, public auditors, professional accountancy organizations, academia, think tanks and other relevant stakeholders from across South Asia. Officials from international organizations such as International Federation of Accountants (IFAC) and International Public Sector Accounting Standards Board will also be in attendance to share their insights on the global trends in reporting.
The aim of the programme is to create awareness on the usefulness of high quality financial reporting for decision-making and promote peer to peer learning for moving towards transparent and comparable financial reporting for enhanced governance and effective fiscal management of South Asian countries.
The importance of public sector accounting and financial reporting on reliability, credibility and accountability of fiscal management is insurmountable.
Governance is a key driver for economic development in South Asia and high quality, comprehensive and transparent reporting is a centrepiece of Governance. Many governments still adhere to the cash basis of accounting, and therefore provide minimal disclosures relative to their debts, liabilities and assets. This calls for transparent and comprehensive public financial reporting for enhanced governance and better fiscal management.
The policy makers, regulators, standard-setters, preparers and users of financial statements continue their efforts to increase transparency and comparability in the financial reporting. The seminar presents the rare opportunity to contribute in this endeavour by disseminating the findings of the 2016 Regional study on ‘Public sector financial reporting in the South Asia region’ and facilitate policy-dialogue by sharing good practices through peer to peer learning based on identified opportunities and challenges for enhancing public financial reporting environment in South Asia region.