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.