Update on the use of IFRSs in Sri Lanka

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29 Apr 2006

The South Asian Federation of Accountants sponsored the First South Asian Accounting Summit on 18-19 April 2006 in Karachi, Pakistan.

Representatives of the Institute of Chartered Accountants of Sri Lanka (ICASL) presented an update on the adoption of IFRSs in Sri Lanka. Sri Lanka has adopted many of the IASs/IFRSs and has kept most of them current including the IASB improvements. Our Sri Lanka Page has a table listing the status of adoption of each IAS and IFRS in Sri Lanka. A summary of the differences is as follows:
  • Sri Lanka has not yet adopted IAS 29, IAS 32, IAS 39, or IAS 41.
  • Nor has Sri Lanka adopted IFRS 1, IFRS 2, IFRS 4, IFRS 6, or IFRS 7.
  • The Sri Lankan adopted versions of IAS 1, IAS 19, and IAS 38 do not reflect the latest IASB versions.
  • Sri Lanka has retained its version of IAS 25 Accounting for Investments, which was replaced by IAS 39.
  • Sri Lanka has issued standards on Plantations and on Revenue Recognition and Disclosures in the Financial Statements of Finance Companies, which have no IFRS equivalent.
Sri Lanka has a separate Sri Lankan Accounting Standard for Smaller Enterprises (SLASSE).

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