The Institute of Chartered Accountants of Sri Lanka (ICASL) recently published the 2011 Bound Volume of the Sri Lanka Accounting Standards which will be effective from 1st January 2012 and is based on the corresponding International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) (2009 bound volume).
ICASL said in a statement that the Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995 empowers it to, from time to time, adopt and promulgate accounting standards as may be necessary for the purpose of maintaining uniformity and high quality in financial reporting of business enterprises. The Sri Lanka Accounting Standards are largely based on the corresponding International Accounting Standards promulgated by the International Accounting Standards Board (IASB).
However, before adoption, every International Accounting Standard undergoes a due review process by the Statutory Accounting Standards