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Enhancing Reliability

The function of the Board is to monitor compliance with the Sri Lanka Accounting Standards and the Sri Lanka Auditing Standards in the preparation, presentation and audit of financial statements of specified business enterprises.

Quick Links

  • Sri Lanka Accounting Standards
  • Sri Lanka Auditing Standards
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  • IFRS Practice Statement 2, Making Materiality Judgements

Welcome to SLAASMB

Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) established under Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995, is Sri Lanka's independent regulator responsible for monitoring compliance with standards in accounting and auditing, in relation to financial statements of entities specified in the act.

SLAASMB has been engaged in monitoring financial reporting by economically significant entities termed as SBEs since the year 2000 and in monitoring auditors since 2007.


Notice on Compliance
Clarification on SLAASMB’s regulatory role
Update to the measures adopted by SLAASMB on the new normal

Specified Business Enterprises
Find the Companies identified as SBEs
Find the Auditors of SBEs
Initial Questionnaire for Audit Inspections

Related Links

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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)
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)
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)
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)
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)

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

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