Financial Times

The Institute of Chartered Accountants of Sri Lanka (ICASL), has published the Sri Lanka Accounting Standards Book –2006 edition which contains 33 standards of which 15 standards are contained in the 2003 edition, 16 revised standards and two new standards adopted in 2005.

ICASL said of the 33 standards, 31 are based on corresponding International Accounting Standards promulgated by the International Accounting Standard Board, while two are nationally formulated Standards, for which there are no corresponding International Standards.

The Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995 legally empowers the Institute of Chartered Accountants of Sri Lanka to promulgate and publish in the gazette the Sri Lanka Accounting Standards.

As required by the Act, the Standards have been reviewed by the Statutory Accounting Standards Committee, set up under the Act in accordance with the Due Review Process and recommended for adoption by the Council of the Institute. Accordingly, the Council has adopted these Standards as Sri Lanka Accounting Standards (SLAS).

The 2006 edition includes certain additional features- cross reference to the corresponding international standards, reference to gazette notifications and reconciliation with the International Accounting Standards and Glossary of Terms section which could be used as a ready reckoner to obtain the meaning of financial accounting terms, which are commonly used etc. The Bound Volume also includes the Sri Lanka Accounting Standard for Smaller Enterprises (SLASSE), which can be referred to, by preparers, audit users of such financial statements. Copies of the Book can be obtained from the Main Library of the Institute