CA Sri Lanka introduces SLFRS S1 and S2 framework with strategic guidebook to equip businesses for global compliance

CA Sri Lanka President Heshana Kuruppu (right) being presented with the guide

In a landmark move that positions Sri Lanka as a global frontrunner in sustainable reporting practices, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has launched the Preparers’ Guide to SLFRS S1 and S2 and a comprehensive three-tier course on sustainability reporting, focusing on SLFRs S1 and S2.

This pioneering initiative forms a key pillar of the Institute’s strategic roadmap, reinforcing its role as the sole authority for issuing accounting, sustainability, and auditing standards in Sri Lanka, while driving nationwide adoption of sustainability practices. 

The launch of the publication and the course marks a definitive step for Sri Lanka, recognising it as one of the first jurisdictions globally, and among the first in South Asia, to adopt and implement the International Sustainability Standards Board (ISSB) standards. This strategic adoption, guided by CA Sri Lanka’s roadmap for sustainability standard adoption, signals the country’s robust commitment to transparent, comparable, and reliable sustainability reporting for investors.

The launch event held recently featured a ceremonial presentation of the first copy of the Preparer’s Guide to President Heshana Kuruppu, followed by presentations to Vice President Tishan Subasinghe and Chief Executive Officer Lakmali Priyangika by Sustainability Disclosure Standards Committee Chairman Mohan Thanthirige. 

CA Sri Lanka President Heshana Kuruppu said, “We stand at a defining moment in our profession’s evolution. This guide is a vital resource to support our nation’s transition towards globally aligned, sustainability-focused financial reporting. By positioning Sri Lanka among the pioneering countries in this global cohort, we are sending a strong and unequivocal message to international markets about our commitment to attracting sustainable investment and fostering long-term economic resilience.” 

The global business paradigm has irrevocably shifted, demanding that Environmental, Social, and Governance (ESG) factors be integrated into the core of corporate strategy and financial disclosure. SLFRS S1 and S2, promulgated by CA Sri Lanka, in its standing as the sole authority to promulgate accounting, auditing and sustainability standards, provide the essential framework for organisations to disclose how sustainability-related risks and opportunities impact their financial performance and future prospects.

As the sole standard-setting body in the country, CA Sri Lanka has been at the forefront of championing the adoption of these sustainability standards, providing a clear and structured pathway for the corporate sector through a dedicated implementation roadmap. 

The Preparers’ Guide to SLFRS S1 and S2 is a practical, Sri Lanka-centric resource developed by CA Sri Lanka. It is designed to equip companies, practitioners, Chartered Accountants and other professionals with the clarity and practical direction needed to implement these standards effectively, thereby reducing compliance risks and enhancing the quality of disclosures that inform critical investment and strategic decisions.

Complementing the guide is the Certified Sustainability Reporting and Strategy Adviser Course, which will help build deep, local expertise, ensuring Sri Lankan professionals are not just compliant but are leaders in integrating sustainability into this new era of business.