The Institute of Chartered Accountants of Sri Lanka (ICASL) this week said it was adopting SLAS 46 – Financial Instruments: Disclosures.
In a statement it said, under the Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995, the ICASL is empowered to adopt the accounting and auditing standards in Sri Lanka.
“The Institute develops and adopts standards based on the International Standards to improve the Financial Reporting in Sri Lanka. In recognising the need of having standards in the area of Financial Instruments, the Institute has now released SLAS 46 – Financial Instruments: Disclosures, which is the corresponding local Standard to the International Financial Reporting Standard - IFRS 07,” it said.
In order to provide the Financial Statements preparers with adequate time, the Institute has decided to make it effective for the annual periods beginning on or after January 1, 2011 with early adoption being encouraged.