Valuation of biological assets to be regularized

A Committee on valuation of biological assets for financial statements (CVBA) has been formed. The committee consists of representatives of the Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB), the Securities and Exchange Commission (CSE), Accounting Standards Committee, Urgent Issues Task Force (UITF) of the Institute of Chartered Accountants of Sri Lanka (ICASL), Colombo Stock Exchange, Valuation Department, Forest Department and State Timber Corporation.

The inaugural meeting of the committee was held recently at SLAASMB and chaired by SLAASMB Director General Ajith Ratnayake.The Chairman of the Accounting Standards Committee Asite Talwatte, Vice President of ICASL and Chairman of the Urgent Issues Task Force Nishan Fernando, the Chief Valuer P W Senaratne and senior officers from SLAASMB, ICASL, Valuation Department, SEC, CSE, Forest Department and Timber Corporation participated at the meeting.

The committee intends to formulate guidelines for the valuation of biological assets in managed plantations for financial statements in Sri Lanka, according to a SLAASMB statement.