The following have been defined as specified business enterprises by the Act and the regulations made under the Act:

 
  • Companies licensed under the Banking Act, No. 30 of 1988.
  • Companies authorized under the Control of Insurance Act, No. 25 of 1962, to carry on insurance business.
  • Companies carrying on leasing business.
  • Factoring companies.
  • Companies registered under the Finance Companies Act, No. 78 of 1988.
  • Companies licensed under the Securities and Exchange Commission Act, No. 36 of 1987, to operate unit trust.
  • Fund Management Companies.
  • Companies licensed under the Securities and Exchange Commission Act, No 36 of 1987, to carry on business as stockbrokers or stock dealers.
  • Companies licensed under the Securities and Exchange Commission Act, No. 36 of 1987, to operate a Stock exchange.
  • Companies listed in a Stock Exchange licensed under the Securities and Exchange Commission Act, No. 36 of 1987.
  • Other Companies
    1. Which have a turnover in excess of Rupees 500 Million;
    2. Which at the end of the previous financial year, had shareholders equity in excess of Rupees 100 Million;
    3. Which at the end of the previous financial year, had gross assets in excess of Rupees 300 Million;
    4. Which at the end of the previous year had liabilities to banks and other financial institutions in excess of Rupees 100 Million;
    5. Which have a staff in excess of 1000 employees.
  • Public corporations engaged in the sale of goods or the provision of services.
  • A group of companies, any one of which fall within any of the above categories. For this purpose, ”a group of companies” means a holding company and its subsidiaries, the accounts of which have to be consolidated under section 147 of the Companies Act, No.17 of 1982.

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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

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