Merchant Bank of Sri Lanka PLC (MBSL) held a seminar on ‘Easy ways of implementing International Financial Reporting Standards (IFRS) and Sri Lanka Financial Reporting Standards (SLFRS) for quoted public companies, banks, insurance companies and SME Sector’ at Taj Samudra Hotel on 15 June 2012. The guest speaker at the event was the well known accounting standards specialist Sujeewa Mudalige, Partner – PricewaterhouseCoopers.
A diverse cross section of the financial sector who attended the event comprised of chief executive officers, chief financial officers, finance managers, SAP specialists, ERP specialists, analysts, financial accountants, management accountants, staff of audit firms, financial advisory and consultancy firm staff, IFRS implementation teams, accounting system implementation teams, financial statement users of SME sectors, listed companies, banks, insurance companies and people with special interest in IFRS implementation.
The areas covered by the speaker included key aspects related to IFRS and SLFRS, sectors of importance - banks, insurance companies, quoted public companies and SME sector and lessons learnt to date.
Chairman of MBSL M.R. Shah stated, “The financial statements help to quantitatively and qualitatively describe the financial health of a company. A benefit of having one worldwide use of financial reporting is to make it easier to compare the financial position of different companies in different countries, thus improving decision making while having a unique form of accounting rules for similar transactions that occur in any part of the world.”
He further added, “We have been successful in conducting a series of seminars from 1997 on many appropriate topics at the opportune time by way of organising seminars, workshops, full day programmes and breakfast meetings. These forums were highly sought after due to its need and importance at those crucial junctures.”
Merchant Bank of Sri Lanka PLC., incorporated in March 1982, is the pioneer investment/merchant bank in Sri Lanka and was quoted on the Colombo Stock Exchange in 1991. The bank’s largest shareholder is the Bank of Ceylon which holds a strategic stake of 72 per cent and in 2005 entered a strategic alliance with SBI Capital Markets Limited, the largest investment bank in India.
Its subsidiary companies Merchant Credit of Sri Lanka Ltd. which has 13 branches island-wide including Jaffna and MBSL Insurance with 55 branches add strength and stability to its trade portfolio. In addition to this, MBSL holds a 29 per cent share of Lanka Securities Pvt. Ltd., an investment advisory firm.