ICASL unveils changes
To effective date of adoption of SLASs 44 and 45:
Under Sri Lanka Accounting and Auditing Standards Act No 15 of 1995,
the Institute of Chartered Accountants of Sri Lanka, 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 adopted the SLAS 44 - Financial
Instruments: Presentation and SLAS 45 - Recognition and Measurement
which are the corresponding local standards to International Accounting
Standards (IASs) 32 and 39.
In order to provide the Financial Statement preparers with adequate
time, the Institute has decided to make it effective for the Annual
Periods beginning on or after January 01, 2011 (and not January 01, 2009
as communicated earlier) with early adoption being encouraged.
For the full details on the Effective date please refer the
Announcement under the Technical Section http://www.icasrilanka.com/.