The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is conducting a seminar on May 9 in Kandy next month where Small and Medium Entities (SMEs) will be educated on the International Financial Reporting Standards (IFRS) based on the 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 SMEs appointed by the IFRS Foundation.
The presentation will include a wide ranging outline of topics including the benefits of adopting the Sri Lanka FRS (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.
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.
CA Sri Lanka is the sole authority in promulgating accounting standards in the country and the institute decided to adopt the IFRS for SMEs with effect from January 1, 2012, thereby making SMEs to comply with the statutory requirement of presenting financial statements using these standards, while at the same time not be over-burdened with complex requirements of the full SLFRS.