International Financial Reporting Standards (IFRS) are gaining acceptance across the globe with more than 100 countries adopting it, participants at a seminar in Colombo were informed recently.
USA, Canada, India and Japan are some countries which are currently working on transitioning to IFRS. Though the International Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS) have always been followed by Sri Lanka, standards issued after 2005 have not been adopted immediately while developing Sri Lanka Accounting Standards (SLAS).
According to a recent journal issued by the Institute of Chartered Accountants of Sri Lanka, all the existing IAS’s and IFRS’s will be adopted with effect from 1st January 2012, to comply with international accounting standards in all material respects. This will bring more credibility to financial reporting in Sri Lanka which will help the country to attract foreign capital. At the seminar organized by SJMS in Colombo, Sekkizhar Balasubramaniam, Director, IFRS practice of Deloitte Haskins & Sells, Mumbai, stated that convergence of IFRS will help Sri Lanka to attract foreign capital for industries in hospitality, infrastructure, banking and financial services.
G. K. Subramaniam, an expert on financial instruments accounting, from Deloitte Haskins & Sells, Mumbai, emphasized that implementation of the new accounting standards in financial instruments will be the main area for Sri Lanka to move to full IFRS compliance. |
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