Seminar on IFRS

The Merchant Bank of Sri Lanka PLC (MBSL) is organising a seminar on "Practical aspects of implementing International Financial Reporting Standards (IFRS)" on December 1 at 5.00 pm to 7.00 pm at Salon Anthurium - Galadari Hotel. The speaker is PricewaterhouseCoopers Partner and The Institute of Chartered Accountants of Sri Lanka President Sujeewa Mudalige.

The globalization of business and finance has led to successful mass adoption of IFRS in over 100 countries. In line with the global trend in adopting a common language for financial reporting process, this will bring more credibility to financial and performance reporting and help the country to attract foreign investments. The financial statements are a written report that quantitatively describes the financial health of a company. A benefit of having one worldwide use of financial reporting will make it easier to compare the financial position of different companies in different countries.

New accounting rules is intended to make financial disclosures more transparent, accountable and is part of Sri Lanka's ongoing effort to link up with the world. However, complexity of implementing a common language in accounting - IFRS has always been a challenging task across nations with their varied cultural, political, economic, management, legal and regulatory differences. The both public and private sectors are increasingly recognizing the benefit of having a commonly understood reporting framework supported by a strong globally accepted set of accounting standards. IFRS will cater this requirement while opening doors to foreign investments and business expansion globally on a mutual basis.