International seminar on accrual accounting

CA Sri Lanka along with its Public Sector Wing (APFASL) is organising an International Seminar on Accrual Accounting and implementation of International Public Sector Accounting Standards (IPSAS) as part of SAFA events with the assistance from World Bank in November this year. 

This seminar will be held along with the Board Meeting and Committee Meetings of the South Asian Federation of Accountants (SAFA) which is scheduled to be held in Colombo during 3 to 5 November 2016. 

The seminar will also be an important platform for SAFA member bodies to share knowledge and experiences of the countries in the region, enabling them to outline a plan for shifting from cash based accounting system to accrual based accounting system and make recommendation for implementation of Financial Reporting in compliance with Public Sector Accounting Standards in the region.

The World Bank along with SAFA is undertaking a comparative study on Enhancing Public Sector Financial Reporting in the South Asia Region (SAR) and the Seminar is expected to focus on the outcome of the study at the Seminar.  

APFASL was established as Public Sector Wing of CA Sri Lanka with the objective of bringing together Public Sector Accountants, Auditors and Assessors to improve their professional skills and expertise, in an effort to enhance the Public Financial Management practices in the country.  

In 2015, APFASL was instrumental in introducing the Chartered Public Finance Accountancy (CPFA) qualification for the Public Sector with the support of the Chartered Institute of Public Finance & Accountancy (CIPFA) London. The initial membership is offered on a merit basis to around 100 members of the Public Sector Wing considering their qualifications in the field of Financial Management as a mark of recognition of their long services in the Public Sector to encourage them to work togetaher and promote professionalism within the sector. For this purpose, applications will be invited from the members of APFASL who meet the criteria specified in the enrolment form, by obtaining the same from the Institute’s website or by calling-over personally at the Office of APFASL at CA Sri Lanka, Colombo 7. 

Meanwhile, in an effort to further enhance financial reporting in the public sector, APFASL together with the Ministry of Finance published ten public sector accounting standards, in two volumes. Another 10 standards are being deliberated for adoption and publication before end of 2016. 

APFASL is also conducting a series of training programs as a capacity building measure on various subjects relating to Public Financial Management based on a prospectus published for this purpose. A number of programs have been conducted in this regard to facilitate accrual accounting and implementation of Sri Lanka Public Sector Accounting Standards.

The APFASL has also taken steps to organise the Best Annual Reports and Accounts Awards Competition for the public sector. The competition aims to recognise excellence in Financial Reporting among Public Sector Institutions in the country, and applications have been invited for the inaugural competition which will be held in September this year The awards of the winners will be made at the Seminar.

Taking into consideration the developments taking place in Sri Lanka, in particular in relation to the financial reporting and the introduction of the Public Sector Accounting Standards based on IPSAS, the SAFA Board entrusted APFASL to organise the seminar, which aims to create awareness on the significance of Accrual based Accounting and Implementation to Public Sector Accounting Standards in an effort to promote excellence in Financial Reporting in the Public Sector in the SAFA Region.