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| Sunday, 4 April 2004 |
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| News Business Features Editorial
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Faculty to enhance quality of financial reporting by Hiran H. Senewiratne The Institute of Chartered Accountants of Sri Lanka (ICASL) will establish an independent Financial Reporting Faculty shortly, said its Chairman Reyaz Mihular at a media briefing to announce the annual awards for Social Responsibility Reporting in 2004. He said that the main objectives of the faculty were to provide the required services, guidelines and training to enhance the quality of financial reporting in the corporate sector of the country. It would also emphasise the importance of financial reporting to the Government, Department of Inland Revenue, Registrar of Companies as well as global institutions such as the World Bank and the IMF, he added. Mihular said that since the Accounting Standards Committee was a statutory body with a limited membership, the financial reporting Faculty would create an opportunity for them to participate in Accounting Standards and Financial Reporting subjects. "Faculty members would be able to critically study the latest development in financial reporting, including Accounting Standards and review the situation and provide their comments to the Accounting Standards Committee ," he added. ICASL President, Indrajith fernando, commenting on financial reporting in Sri Lanka, said that the faculty would raise the standard of the Institute's annual awards, encouraging more corporates to reach the best international level in Social Responsibility Reporting. There was a feeling among both the public and private business sectors that organisations responsible for preparation of reports should be accountable not only for their financial performance, but also for environmental, community, social and ethical aspects. Commenting on this year's awards ceremony, Chairman of the Annual Report Awards Committee, Yohan Perera, said that organisations were increasingly responding to growing expectations from various stakeholder groups for greater transparency of reporting in a number of areas that go beyond just numbers. The Annual Reports competition organised by the ICASL and the best Annual Reports of the Year would be given to sectors such as group of companies below five subsidiaries, non-group companies, unquoted companies, banking institutions, financial institutions, finance companies, leasing companies, etc. |
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