CA Sri Lanka, GIZ in partnership to develop and strengthen SMEs,
SMPs
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka)
recently entered into an agreement with Deutsche Gesellschaft f r
Internationale Zusammenarbeit (GIZ) GmbH, commonly known as German˙
Development Cooperation. As a federal enterprise, GIZ supports the
German Government in achieving its objectives in the field of
international cooperation for sustainable development.
Ms. Roshini Fernando, Advisor Access to Finance GIZ,
Wolfgang Flache, Director of Finance and Administration GIZ,
German Mueller, Senior Advisor GIZ, Sujeewa Rajapakse,
President CA Sri Lanka, Arjuna Herath, Vice President CA Sri
Lanka and
Aruna Alwis, Secretary/CEO CA Sri Lanka at the event. |
Through the Small and Medium Enterprise Development program in Sri
Lanka, GIZ aims to achieve inclusive development of the SME sector.
The project with CA Sri Lanka focuses on strengthening the skills and
capacities of Small and Medium-Sized Enterprises (SMEs) and Small
and˙Medium-Sized Practitioners (SMPs) in the country.
The project, which will focus on four core activities, aims to
enhance SME and SMP development in the Central, Eastern, Northern,
North-Western, Sabaragamuwa, Southern and Uva provinces which have been
identified as 'lagging regions' of the country.
The agreement will pave the way for CA Sri Lanka and GIZ to conduct
regional seminars on Sri Lanka Accounting Standards (SLFRS) for SMEs as
well astraining programs on basic accounting and book-keeping for SMEs,
in the 'lagging regions' identified by the program.
Through the project, a help desk will also be established to support
small and medium-sized enterprises and practitioners, while technical
materials, guidance notes, application guidance and practice notes on
SLFRS for SMEs will also be published for the benefit of SMEs and SMPs.
The cost of the project will be shared equally by CA Sri Lanka and
GIZ.
CA Sri Lanka President, Sujeewa Rajapakse, noted that in its capacity
as the sole authority for promulgating accounting and auditing standards
in the country, CA Sri Lanka has been playing a pioneering role in
ensuring that Sri Lanka is at the forefront in terms of its financial
infrastructure in order to support and enable the country's growth
drive.
"The institute decided to adopt IFRS for SMEs as the SLFRSs for SMEs
with effect from January 1, 2012, thereby making it necessary for SMEs
to comply with the statutory requirement of presenting financial
statements using these standards," he noted.
Rajapakse emphasized that every effort is being made to ensure the
smooth transition of this adaptation as well as to ensure that all
organizations in the country are complying with these standards.
"We have taken a series of initiatives to ensure these objectives are
realized. Our tie-up with GIZ is also one such effort to ensure that
SMEs which play an integral part in the country's economic development
have the required support and guidance to ensure they are in line with
global standards, the CA Sri Lanka President added. CA Sri Lanka Chief
Executive Officer, Aruna Alwis noted that with the institute converging
with IFRS, Sri Lanka too is now in line with the global trend in
enabling a common language for financial reporting processes
"Convergence with IFRS is a major breakthrough for companies in Sri
Lanka as they now have a common, high quality and internationally
accepted set of accounting and financial reporting standards which is
also seen as a way forward to bring in more credibility to financial
reporting in the country," Alwis added. |