The Institute of Chartered Accountants of Sri Lanka (ICASL) plans to adopt new accounting guidelines for Sri Lankan companies in line with International Financial Accounting Standards starting 2012.
The Central Bank of Sri Lanka, in its Road Map Monetary and Financial Sector Policies for 2011 and beyond report released in January 2011 has included the initial steps to facilitate the adoption of international standards. The reports states that changes would take place to Sri Lanka Accounting Standards (SLAS) 44 and 45 on financial instruments corresponding with International Accounting Standards of 32 and 39. Already work is under way to implement these changes starting from January 2012.
IFRS can soon add another country to its list of adopters.
