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Home arrow Workshops arrow Workshop on International Financial Reporting Standards (IFRS) February 2012

Workshop on International Financial Reporting Standards (IFRS)

The National Centre for Advanced Studies in Humanities and Social Sciences NCAS has conducted a workshop on International Financial Reporting Standards in collaboration with the Institute of Chartered Accountants of Sri Lanka on 17th February 2012 at the auditorium of the ICASL. Eighty five participants comprised of Bursars, Deputy Bursars Senior Assistant Bursars, Assistant Bursars, Internal Auditors, Deputy and Senior Assistant Internal Auditors of the financial divisions in the University system, attended the workshop. The programme was aimed at providing the initial training and knowledge on the new International financial reporting standards adopted by ICASL in Sri Lanka with effect from 1st of January 2012 and impact of the new standards on financial reporting in the university system. The most positive feature of this workshop was interest in updating themselves on new IFRS. According to the feedback received, our effort was appreciated by the majority of the participants and they have requested us to conduct more such workshops for get knowledge on new IFRS.

4Dr.R.M.K.Rathnayake Director of NCAS, former Secretary Ministry of trade and council member of university of Jayawardanapura, delivered the introduction speech emphasizing the recent initiatives taken by the NCAS to contribute to professional development in addition to its mandatory task of academic development.


darmadasaThe first technical session was conducted by Mr. T .Dharmaraja, president of AAT Sri Lanka and council member of Institute of Chartered accountants of Sri Lanka and council member of the University of Sri Jayawardanapura. He discussed the following standards
     SLIFRS 01 First time adaption standards.
     LKAS 01 Presentation of Financial Statements

He emphasized the importance of introducing a uniform financial reporting system to the whole university system to comply with the new International Financial Reporting Standards.

otherThe second presenter of the event was Mr.Upendra Wejesinghe, Senior Manager (technical) The Institute of Chartered Accountants of Sri Lanka) .He conducted his session on most important two standards, LKAS 18 Revenue Recognition and LKAS 20 government grants , applicable to the university system.

Mr. S.M.S.Sanjaya Bandara the partner of B.R.de Silva and Company (Chartered accountants) conducted his session on LKAS 16 and LKAS 36 Property Plant and Equipment, and impairment, and he further discussed the practical issues on PAYE tax.bandara

The workshop provided an opportunity to discuss the practical issues in financial reporting in the university system with the experts in financial reporting