CIMA to create awareness on IFRS among corporate heads

Monday, 1 November 2010 01:23 - - {{hitsCtrl.values.hits}}

Financial reporting is the process by which a corporate communicates its performance to the investor. This process is influenced by a financial reporting framework.

Do you understand the information you are reporting to your investors?

Manil Jayasinghe, Partner, Ernst and Young will enlighten you on this, when he leads a short Mastercourse on ‘Forward Looking Financial Reporting’.

Corporates in many sectors are facing major changes following Sri Lanka’s convergence plan with International Financial Reporting Standards (IFRS) that will soon become mandatory for all listed companies from 2011/12.

These new changes and standards represent more than a change in accounting principles; they affect the manner in which corporates operate and are perceived by the market. For instance, the simple buying and selling business as we call retail and consumer sector can expect profound and far reaching changes in the way it deals with issues such as revenue recognition and debtors provisioning to name a few.

Board members, who communicate corporates’ accounting and financial communication strategy, are faced with new challenges. Some board members have not had the opportunity to fully understand the implications of SLAS that are developed based on IFRS and its transition especially in terms of industry based issues.

The boards take responsibility for the financial information they publish. These financial reports are prepared by the executive management. Do the directors understand how these reports are prepared and the impact SLAS has on these reports?

Mastercourse speaker Jayasinghe is a Fellow of the Chartered Institute of Management Accountants (UK) and Fellow Member of the Institute of Chartered Accountants of Sri Lanka. He is a Partner of Ernst & Young, which position he has held since 1993, working in Audit and Advisory.

Jayasinghe is a Member CIMA Sri Lanka Governing Board. He is also member of the Statutory Auditing Standards and Statutory Accounting Standards Committees and the Financial Reporting Faculty Management Committee of the Institute of Chartered Accountants of Sri Lanka.

CEOs, managing directors, audit committee members and non executive directors are expected to attend this programme scheduled for Monday 8 November 2010 (from 3:30 to 6 p.m.) at the Galadari Hotel. Tickets for the programme could be purchased by contacting the CIMA Sri Lanka Division through email on: [email protected].