For the purpose of the requirements of this Act, Sri Lanka Accounting Standards and Sri Lanka Auditing Standards are the Standards adopted by the Institute of Chartered Accountants of Sri Lanka and published in Gazette Extraordinary No. 1056/19 of 2nd December 1998 subject to subsequent amendments. These Standards will be effective for financial statements covering periods beginning on or after 1st January 1999.

The Institute may revise, alter or amend the standards adopted by it under the Act, and such revised, altered or amended standards will be published in the Gazette. Such revisions, alterations, and amendments shall become effective from and after the date of publication or such later date as may be specified therein.