Specified business enterprises (SBE) do not only include listed companies but also all banks, insurance companies, factoring companies, finance companies, leasing companies, unit trusts, fund management companies, stockbrokers and stock dealers, and stock exchanges. Since 2012, these companies have to apply Sri Lanka Financial Reporting Standards (SLFRS), which are nearly identical with International Financial Reporting Standards (IFRS).
As means of transitional reflief, the Institute of Chartered Accountants of Sri Lanka (CASL), the official standard-setter in Sri Lanka, adopted SLFRS 7 without requiring comparative information for periods beginning before 1 January 2013. Also, CASL adjusted the effective date of SLFRS 10, 11, 12, and 13 to 1 January 2014 but "recommended to use the principles contained in IFRS 13 in the measurement of fair value due to its practical prominence". In view of pertinent issues identified by regulators and other stakeholders, Sri Lanka has also adopted a Statement of Alternative Treatment (SoAT) regarding the right-of-use of land on lease.
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