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Sri Lanka will move to full IFRS compliance by 2011

27 Aug 2007

The board of the Institute of Chartered Accountants of Sri Lanka (ICASL) has approved a policy that Sri Lankan Financial Reporting Standards will be fully compliant with International Financial Reporting Standards by 2011, meaning that a company that asserts compliance with Sri Lankan standards could also assert compliance with IFRSs.

The policy was announced by Yohan Perera, President of the ICASL, at an international conference on 'Fair Value – A Paragigm Shift' sponsored by the South Asian Federation of Accountants in Colombo, Sri Lanka, on 25 August 2007. Currently, Sri Lanka has adopted many, but not all, of the latest IFRSs. Mr Perera also announced that Sri Lanka expects to adopt IAS 32 and IAS 39 in September 2007, to be effective in 2009.

 

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