What accounting standards are used in Sri Lanka?

The Sri Lanka Accounting and Auditing standards Act No. 15 of 1995 has empowered the Accounting Standards Committee to recommend the Sri Lanka Accounting Standards for the adoption in the country through the Council of the Institute of Chartered Accountants of Sri Lanka.

How is financial reporting regulated in Sri Lanka?

A: SLAASMB monitors financial statements prepared by economically significant entities for compliance with Sri Lanka Accounting Standards (SLAS) and monitors auditors of such financial statements for compliance with Sri Lanka Auditing Standards (SLAuS) when conducting audits of such entities.

What is as 11 accounting standard?

The standard deals with the principal issue with respect to accounting for foreign operations and foreign currency transactions in deciding which exchange rate to be used and a guidance on recognizing the financial effect of changes in exchange rates in the financial statements.

What does Accounting Standard 11 deal with *?

Accounting Standard No. 11 deals with recording and translation of such type of foreign currency transactions. currencies. nature of forward exchange contracts.

Who makes accounting standards in Sri Lanka?

Under the Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is responsible for setting applicable auditing standards for the country.

Which countries use GAAP and IFRS?

International Financial Reporting Standards (IFRS) as the name implies is an international standard developed by the International Accounting Standards Board (IASB). U.S. Generally Accepted Accounting Principles (GAAP) is only used in the United States.

Does Sri Lanka use IFRS?

All domestic companies whose securities trade on the main public markets are required to use Sri Lanka Accounting Standards (SLFRS and LKAS), which are converged with IFRS Standards.

What is the applicability of AS 11?

An issue has been raised regarding the applicability of AS 11 (revised 2003) to the exchange difference arising on a forward exchange contract or any other financial instrument that is in substance a forward exchange contract (hereinafter the term 'forward exchange contract' is used to include such other financial ...

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