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| Sunday, 6 March 2005 |
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IASB hails Lanka's accounting standards by Hiran Senewiratne Sri Lanka should be complimented in its effort towards adopting the international accounting standards, top officials of the International Accounting Standard Board (IASB) said. IASB Chairman Sir David Tweedie and board member Warren McGregor visited Sri Lanka for a Regional Standard Setters Meeting of South Asian Countries including India, Pakistan, Bangladesh and Nepal. Sir Tweedie said that Sri Lanka as a national standard-setter will have to play an important role towards achieving the IASB objective in the region. "The whole objective of the IASB is to have a single set of high quality global standards. We are looking around the world to achieve that level within the next two years," Sir Tweedie told a presentation organised by the Institute of Chartered Accountants of Sri Lanka (ICASL).The theme of the event was "The Future of International Financial Reporting". He said the role of the national standard- setters will be to deal with national issues, align agenda, influence IASB debate and lead on certain accounting issues. Sir Tweedie has also been overseeing the development of a single set of international standards for the European Union (EU) to converge those standards with US standards. He said the IASB's accounting systems for the world will help to improve inward investment, growth, employment and even world trends. McGregor said that issues such as share options and financial instruments have already caused much misunderstading among the business community. "This has led to a confrontation especially over insurance matters," he said. He said that the importance of harmonising and converging of accounting standards by all countries to establish uniformity in the world would help in decision making, endorsement and enforcement of business activities, he said. Since January 1, 2005 many listed companies in the EU follow the International Financial Reporting Standards (IFRS) for their group accounts. The aim of the IFRS is to improve the transparency of accounts and advance the development of financial accounts. |
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