CA Sri Lanka takes lead educating SMEs on IFRS

With the convergence of Sri Lanka Accounting Standards in line with International Financial Reporting Standards (IFRS) from January 1, 2012, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) will take the lead in educating the country’s Small and Medium Entities (SMEs) on the adoption of the standards at a special presentation on 9th January, 2012.

This presentation will be a platform to educate SMEs on the Sri Lanka Accounting Standard for SME’s (SLFRS for SMEs) and will be conducted by Ernst & Young Partner and IFRS Implementation Group for SMEs appointed by the IFRS Foundation member Sanath Fernando.

The presentation that will be held at the CA Sri Lanka Auditorium, Colombo 7 will include a wide ranging outline of topics including the benefits of adopting SLFRS for SMEs, which entities are eligible to use SLFRS, detail requirements in SLFRS for SMEs, the difference between SLFRS for SME and full SLFRS/LKAS and the transition to SLFRS for SMEs from the previous SLAS.