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Matters Relating to Sri Lanka Accounting and Auditing Standards

- Ms. Hafsa Banu (Deputy Director General)- hafsabanu@sltnet.lk

General Contact Information

SBE – Administration Officer Ms. Shiromi Abeykoon 3rd Floor, Bible House Building, 293, Galle Road, Colombo 3, Sri Lanka. Tel:-011 2301210 Extention 271 Fax:-011 2301211 E-Mail:- shiromia@sltnet.lk

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Latest Findings

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)

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)

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)

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)

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Sri Lanka Accounting and Auditing Standards Monitoring Board
3rd floor Bible House Building,
293 Galle Road, Colombo 3, Sri Lanka
94-11-2301210
94-11-2301211