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| Thursday, 17 June 2004 |
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Lanka to host November meeting of executive body : ICASL elected to CAPA Board Sri Lanka's national accountancy body, the Institute of Chartered Accountants (ICASL) has been elected to the Board of the Confederation of Asian and Pacific Accountants (CAPA), the world's largest regional accountancy organisation. One of four regional organisations that make up the International Federation of Accountants (IFAC), CAPA has a membership of 31 accountancy organisations in 21 countries, and its geographical area spans half the globe. Sri Lanka's appointment to the Board (formerly Executive Committee) of this international body followed the election conducted by the Confederation at the tri-annual CAPA conference which took place in Dhaka, Bangladesh in May. The Sri Lankan nominee at this election was Yohan Perera, Vice President of the ICASL and Partner at KPMG Ford, Rhodes, Thornton & Co. The new CAPA Board, whose term of office runs till May 2007, comprises elected representatives of Sri Lanka, Australia, Bangladesh, Canada, China, Hong Kong, India, Japan, Malaysia and Philippines, and nominated representatives from South Korea and Pakistan. Commenting on Sri Lanka's election to the CAPA Board, ICASL President Indrajith Fernando said: "As a member of the IFAC, CAPA as well as the South Asian Federation of Accountants (SAFA), the ICASL is at the forefront of the drive to promote international best practices in the sphere of accountancy in Sri Lanka." "The Institute's far-reaching international linkages have enabled it to become the Centre of Excellence for standards and quality in the South Asian region. Our election to the Board of CAPA reflects the wide international recognition and acclaim we have earned for the great strides made in the development of accounting and auditing standards, ethical issues and education." He said Sri Lanka had also been entrusted with organising and hosting the next Board Meeting of CAPA in November, which will coincide with the ICASL's 25th Annual Conference. Yohan Perera, the Sri Lankan representative on the CAPA Board said the Board is expected to focus, among other things, on the progress made by member countries in fulfilling obligations that flow from their membership of the IFAC. These include the adoption of international best practices in accounting and auditing, financial reporting, and accountancy education, areas in which Sri Lanka has achieved noteworthy progress under the stewardship of the ICASL. Additionally, members of the CAPA Board also work on individual projects proposed by them, he said. Sri Lanka, for example, is currently working on a study of the impact of the Sarbanes-Oxley Act on CAPA's constituent bodies. Another current key focus area for CAPA is supporting the development by the International Accounting Standards Board, of accounting standards for Small and Medium Enterprises (SMEs), Perera said. Incorporated in 1959, the ICASL is represented on several national statutory bodies and has been given the responsibility of formulating Sri Lanka Accounting Standards (SLAS) by the Sri Lanka Accounting and Auditing Standards Act. The Institute is also playing the lead role in Sri Lanka's move towards adopting International Accounting Standards. |
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