CA Sri Lanka to educate stakeholders on accounting standards

In its continuing efforts to educate its stakeholders on the latest changes to the accounting standards applicable in a local content, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has launched the 2016 Sri Lanka Accounting Standards (SLFRS) seminar series. 

The series, which kicked off in September and concludes on December 13, 2016, will bring together a highly resourceful panel of experts who will lead a total of 25 sessions covering a range of areas, helping stakeholders including professional accountants, upgrade and enhance their knowledge on the latest SLFRS.  

The seminar series, which is an annual event, will also educate participants on the new and revised Sri Lanka Accounting Standards, which came into effect from January 1, 2016.  
The topics covered through the seminars will be further complemented with comprehensive examples and cases to illustrate the effective application. 
The sessions are grouped into nine areas focusing on: Financial statements presentation; key balance sheet assets; liabilities, equity and revenue recognition; financial instruments; group accounting, including subsidiaries, associates and joint arrangements; accounting implications for construction companies; accounting implications for insurance companies; awareness session on upcoming SLFRSs and SLFRS for SMEs. 

In its capacity as the sole authority to promulgate accounting and auditing standards in the country, CA Sri Lanka has introduced the SLFRS, which is developed in line with the International Financial Reporting Standards (IFRS), to ensure the country’s accounting framework is not only up to date and relevant but also world class.