CA Sri Lanka takes IFRS to Kandy

Under the convergence process of Sri Lanka Accounting Standards with the International Financial Reporting Standards (IFRS), the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) will conduct a seminar in Kandy next month where Small and Medium Entities (SME's) will be educated on the IFRS based new Sri Lanka Accounting Standards.

The workshop at the Queen's Hotel, Kandy will be conducted by Sanath Fernando, Partner of Ernst & Young and member of the IFRS Implementation Group for SME's appointed by the IFRS Foundation on May 9.

The workshop targets practitioners and preparers of financial statements and will be the first in a series of out of Colombo workshops which aims to educate professionals doing business out of the country's commercial capital on new financial trends and on the latest developments in the Sri Lanka Accounting Standards.

The presentation will include a wide ranging outline of topics including the benefits of adopting SLFRS for SME's, which entities are eligible to use SLFRS, detail requirements in SLFRS for SME's, the difference between SLFRS for SME and full SLFRS/LKAS and the transition to SLFRS for SME's from the previous SLAS.

CA Sri Lanka is the sole authority in promulgating accounting standards in the country and the Institute decided to adopt the IFRS for SME's as the SLFRS for SME's with effect from January 1 2012.