Members of the Board

Sri Lanka Accounting and Auditing Standards Monitoring Board

(SLAASMB)

The Board consists of 3 ex-officio members and 10 members appointed by the Minister of Finance out of nominations received from identified institutions. Registrar General of Companies, Commissioner General of Inland Revenue and Director General of the Securities and Exchange Commission of Sri Lanka are the ex-officio members. The appointed members are nominees from the Central Bank of Sri Lanka, CA Sri Lanka (3 members), Sri Lanka Division of the Chartered Institute of Management Accountants of UK, Bar Association of Sri Lanka, Ceylon Chamber of Commerce, Federation of Chambers of Commerce and Industry of Sri Lanka, Sri Lanka Banks’ Association and University Grants Commission. The term of office of a member is four years.

Chairman

Nominee of the Governor, Central Bank of Sri Lanka	Ms. K M A N Daulagala

Ex Officio Members

Registrar General of Companies	Mr. A.K.D.D.D.Arandara
Commissioner General Department of Inland Revenue	Mr. H M W C Bandara
Director General Securities and Exchange Commission of Sri Lanka	Mr. C Mendis

Nominees

The Institute of Chartered Accountants of Sri Lanka (ICASL)

Mr. M Jayasinghe

Mr. Jagath Perera

Mr. Sanjaya Bandara

Chartered Institute of Management Accountants of UK (Sri Lanka Division)

Mr. Akila Gunarathna

Bar Association of Sri Lanka

Mr. Rajeev Amarasuriya

Ceylon Chamber of Commerce

Mr. Pravir Samarasinghe

Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL)

Mr. Keerthi Gunawardane

Sri Lanka Banks’ Association

Mr. Ashok Goonesekera

University Grants Commission

Prof. Ariyarathna Jayamaha

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Latest Findings

Millennium Housing Developers PLC (2019) – materially misstating the disclosure of the amount by which each financial statement line item is affected in the current reporting period by the application of SLFRS 15. (Reference: paragraph C8 of Appendix C of SLFRS 15)

Access Engineering PLC (2018) – failing to recognize a deferred tax asset/ liability in relation to buildings classified as investment property. (Reference paragraph 15 of LKAS 12)

Sri Lanka Savings Bank Limited (2019) incorrectly recognizing a provision based on the contingent liabilities identified by the acquirer of the Bank (Reference: paragraph 14 of LKAS 37)

City Housing & Real Estate Company PLC (2017)
- incorrectly recognizing Available for Sale investments in the absence of evidence to establish its ownership and existence .( Reference paragraph 11 of LKAS 32 and paragraph 4.44 of The Conceptual Framework);
- incorrectly recognizing the amounts payable to related parties without establishing the existence and completeness of the balances .( Reference paragraph 11 of LKAS 32 and paragraph 4.46 of The Conceptual Framework;
- failing to assess the impairment of the amounts due from related parties .( Reference paragraph 58 of LKAS 39)

Hikkaduwa Beach Resort PLC (2018) –Failing to evaluate the reasonableness of the fair value when significantly different values had been arrived at using different valuation techniques. (Reference: para B40 of SLFRS 13)

Contact Us

Sri Lanka Accounting and Auditing Standards Monitoring Board
3rd floor Bible House Building,
293 Galle Road, Colombo 3, Sri Lanka
94-1-2301210
94-1-2301211