ICASL Conference concludes

The 29th National Conference of the Institute of Chartered Accountants of Sri Lanka (ICASL) was held recently.

The theme of this year’s conference was “RE imagine - creating a successful business in challenging times by thinking differently”. Chairman of the Conference Committee Sujeewa Rajapakse said, “The basis for the theme this year was to re-imagine the way we do business in the backdrop of the difficult times we are in.

It is also to think positively to bring about quantum changes to what we do, that will help our businesses do well even in these difficult times grabbing all possible opportunities and also be prepared to shift gear when the time is right and go into accelerated growth”.

A much looked forward to event in Sri Lanka’s corporate calendar for nearly three decades, the main sponsors at this 29th National Conference were John Keells Holdings, Hatton National Bank, Sri Lanka Insurance and Sri Lanka Telecom, who have been associated with the Conference for over three years.

Chairman of the Technical Committee Channa Gunasekera said that a group of eminent and respected corporate personalities conducted the technical sessions over two days.

“The closing session was titled ‘Numbers to Strategy; and was all about how the CFO’s role should evolve to suit the business needs of the future, as discussed in the previous sessions. Eminent CEOs and CFOs discussed the current and future trends of the CFO’s role, based on the expectations from the organisation, the management as well as other stakeholders”, Gunasekera added.

Chartered Accountants are required to achieve prescribed academic and practical training before being admitted to the profession. The examination structure as at present consists of Foundation, Intermediate, Final I, Final II Examinations and Multi Disciplinary Case Study.

With over 25,000 registered students on roll, the ICASL represents the interests of over 3500 members, of whom approximately 25 per cent are employed overseas. It is also devolved with the responsibility to promulgate Financial Reporting and Auditing Standards in Sri Lanka.

The application of such standards is mandatory for business enterprises specified in the schedule in the Sri Lanka Accounting and Auditing Standards Act No 15 of 1995.

The ICASL is also a member of the International Federation of Accountants (IFAC), the Confederation of Asian and Pacific Accountants (CAPA) and a Founder Member of the South Asian Federation of the Accountants.