The Institute of Chartered Accountants of Sri Lanka (ICASL) sponsored Sri Lanka Accounting Standards seminar series kicked off to a highly successful start with more than 300 participants attending the inaugural seminar held on 8th February 2011 at the ICASL Auditorium.

The inaugural seminar chaired by the Chairman of the Financial Reporting Faculty, Mr. Richard Ebell covered the topics of LKAS 11- Construction Contracts by Senior Manager - KPMG Ms. Uditha DeZoysa and LKAS 16 - Property Plant and Equipment by President ICASL and Partner - PwC Mr. Sujeewa Mudalige.

The primary objective of the series comprising a total of 29 seminars scheduled to conclude on 30th May 2011 is to promote better understanding of the Accounting Standards, specifically covering all standards issued in the 2011 bound volume.

Ms. DeZoysa in her presentation on LKAS 11- Construction Contracts detailed the related interpretations developed by the International Financial Reporting Interpretations Committee (IFRIC) that are relevant to the Standard while also elaborating on practical examples.

The second session was conducted by ICASL President and Partner at PricewaterhouseCoopers, Mr. Sujeewa Mudalige on LKAS 16 - Property Plant and Equipment. During his presentation, Mr. Mudalige emphasized on the application of the Standard and the importance of this standard on the most prominent line item on a company's PPE.

Practical examples in special sectors and industries such as telecommunications, petroleum, apparel and hospitality was discussed with important aspects of valuations and impairment being highlighted during the presentation which was followed by a Q & A session.