Business Times

Moving towards global accounting standards

Prof. Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB), an international leader in global accounting standards flew into Sri Lanka on a brief visit for a top level regional meeting hosted by the Institute of Chartered Accountants of Sri Lanka (ICASL).

Prof. Tweedie heard presentations from the National Accounting standard Setters of India, Pakistan, Bangladesh, Nepal and Sri Lanka at a day-long meeting in Colombo. Each country made a presentation of its respective country's current status quo regarding convergence of their national accounting standards with IFRS, challenges faced therein and their proposed plans to achieve the convergence objective, a statement from the ICASL said.

President of the ICASL, Nishan Fernando said that this South Asian Regional Standard-Setters Meeting was one of the most vital events in this part of the world and is currently in the process of moving towards a single set of global accounting standards.

He said the meeting would help the International Accounting Standards Board to evaluate the progress made by countries in the region in moving to international accounting standards and stimulate discussion on technical and other issues faced by countries in the region.

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