PDF Sri Lanka Public Sector Accounting Standards

Sri Lanka Public Sector Accounting Standards 1

Sri Lanka Public Sector Accounting Standards

Sri Lanka Public Sector Accounting Standards

Volume - II

The Institute of Chartered Accountants of Sri Lanka 30A, Malalasekara Mawatha Colombo 7

Telephone: 2594118/ 2352006/ 2352000 Fax: 2594118

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Sri Lanka Public Sector Accounting Standards

The Council

President

: Mr. Sujeewa Rajapakse FCA, MBA

Vice President : Mr. Arjuna Herath FCA , BSc, MBA

Members

: Mr. D T S H Mudalige FCA, FCMA (UK), FCCA (UK), FCPA(Aus), BA

Mr. S M S Sanjaya Bandara FCA, MBA(Colombo), B. Sc(Accy)Sp., ASCMA

Mr. T Dharmarajah FCA, BSc., FMAAT, Dip. Accty.

Mr. N R Gajendran FCA, FSCMA

Mr. J M U B Jayasekara FCA, B Sc.(Mgt) Sp., FMAAT,FPFA, FCMA

Mr. J P S Kurumbalpitiya FCA, FCMA, CGMA

Mr. Heshana Kuruppu FCA, B.Sc.(Accy) Sp. Hons, MBA, ASCMA

Mr. Channa Manoharan FCA, FSCMA

Mr. Jagath Chandana Perera FCA, B. Sc.(Bus. Admn.) Sp., CFE (USA)

Mr. H A S Samaraweera FCA, (Sp), ACMA, CCAF-FCVI

Mr. S Shanmuganathan FCA, FCMA

Mr. V Sivagnanasothy FCA, B.A. (Hons) Econ, M. Sc. (UK), FCMA (UK)

Mr. L Wickremasinghe FCA, FMAAT

Mr. W L P Wijewardena FCA, MBA (Sri. J)

CEO / Secretary : Mr. Aruna Alwis, Dip. in Bus. Admin.,AIMIS, MBA 3

Sri Lanka Public Sector Accounting Standards

Sri Lanka Public Sector Accounting Standards Committee

Chairman Alternate Chairman Members

: Mr. V Kanagasabapathy : Mr. H A S Samaraweera : Mr. S Sivagnanasothy

Mr. S Swarnajothi Mr. A P A Gunasekara Mr. V Edmond Mr. W P C Wickramaratne Mr. S K J Hapangama Mr. W D L Dushmantha Mr. T Marasinghe Mr. P Ariyasena Mr. S C Wijesinghe Mr. V M Ameen Mr. H M G Wijesinghe Mr. M S M Suhair Mr. S G Senaratne Ms. Damitha Rathnayake

Representatives of Ministry of Finance and Planning:

Up to 02 September 2012 :

Mr. D Widanagamachchi Ms. D P R Senaadipathi Mr. Wasanatha Ekanayake Mr. K A D Hemaratne

After 03 September 2012 :

Mr. N G Dayaratne Mr. M S D Ranasiri Ms. J C Weligamage Ms. Visaka Amarasekara

Secretary

: Mr. K L Perera

Technical Consultant:

Mr. L S G Fernando

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Sri Lanka Public Sector Accounting Standards

MESSAGE FROM THE SECRETARY TO THE TREASURY

The Public Sector Accounting Standards Committee of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) with the participation of Auditor General and Ministry of Finance and Planning has formulated this second volume of the Sri Lanka Public Sector Accounting Standards (SLPSAS) which is based on the international Public Sector Accounting Standards (IPSAS). The first volume contained four standards and this volume contains a further six standards making a total often standards.

Accounting standards provide a framework for the preparation and presentation of Financial Statements under the accrual accounting system in compliance with international best practices for quality accounting and reporting, in order to facilitate to improve financial analysis & planning and management in the public Sector.

The Government of Sri Lanka is currently taking possible steps to move towards to accrual accounting system in the Ministries and Departments to enhance transparency and accountability in the public Sector.

The First volume of the Sri Lanka Public Sector Accounting Standards has already been made applicable to Non- commercial Public Corporations and Local Authorities which are on accrual system and the second volume of the six standards too would be made applicable in the same manner. Government Departments, Ministries and Provincial Councils could apply these standards once they move to the accrual based accounting system.

I take this opportunity to express my sincere appreciation for the dedicated efforts made by the Chairman and Members of the Public Sector Accounting Standards Committee of CA Sri Lanka including Auditor General in publishing these standards.

P.B. Jayasundera Secretary to the Treasury

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