MBSL seminar on easier IFRS, SLFRS implementation

Thursday, 31 May 2012 00:28 -     - {{hitsCtrl.values.hits}}

Merchant Bank of Sri Lanka PLC (MBSL) is organising a seminar on ‘Easy ways of implementing IFRS and SLFRS for quoted public companies, banks, insurance companies and SME sector’ on 15 June from 4p.m. to 6.30p.m. at the Taj Samudra Hotel Crystal Room Lower Floor.

The guest speaker to the event is well known PricewaterhouseCoopers Partner Sujeewa Mudalige.

The speaker will cover the following areas Are we ready to implement IFRS and SLFRS?; Sectors of importance – Banks, Insurance Companies, Quoted Public Companies and SME Sector and Lessons learnt to-date.

The financial statements are written reports that quantitatively and qualitatively describe the financial health of a company.

However, complexity of implementing the common language – IFRS or SLFRS is an issue that many of us will face in implementing the financial reporting standards.

The globalisation of business and finance has led to successful mass adoption of IFRS in over 100 countries.  In line with the global trend in adopting a common language for financial reporting process, this will bring more credibility to financial and performance reporting and help a country like Sri Lanka to attract foreign investors.

New accounting rules are intended to make financial disclosures more transparent, accountable, and are a part of Sri Lanka’s ongoing effort to link up with the world. However, complexity of implementing a common language in accounting – IFRS and SLFRS has always been a challenging task across nations with their varied cultural, political, economic, management, legal and regulatory differences.

The both public and private sectors are increasingly recognising the benefit of having a commonly understood reporting framework supported by a strong globally accepted set of accounting standards.

IFRS and SLFRS will cater this requirement for many private sector companies while opening doors to foreign investments and business expansion globally on a mutual basis.