Valuation of biological assets to be regularised
A committee on valuation of biological assets for financial
statements (CVBA) was set up recently.
The committee consists of representatives of the Sri Lanka Accounting
and Auditing Standards Monitoring Board (SLAASMB), the Securities and
Exchange Commission (CES), Accounting Standards Committee, Urgent Issues
Task Force (UITF) of the Institute of Chartered Accountants of Sri Lanka
(ICASL), Colombo Stock Exchange, Valuation Department, Forest Department
and State Timber Corporation.
The inaugural meeting of the committee was held recently at SLAASMB
chaired by Director General of SKAASMB Ajith Ratnayake.
The Chairman of the Accounting Standards Committee Asite Talwatte,
Vice President of ICASL and Chairman of the Urgent Issues Task Force
Nishan Fernando, the Chief Valuer P.W. Senaratne and senior officers
from SLAASMB, ICASL, Valuation Department, SEC, CSE, Forest Department
and Timber Corporation participated.
The Committee intends to formulate guidelines for the valuation of
biological assets in managed plantations for financial statements in Sri
Lanka.
The exposure draft is now being formulated.
When finalised, the guidelines will provide a reliable basis to value
biological assets. It will provide auditors and regulators a common
platform, which will enable users to place reliance on the financial
statements prepared by entities which own and manage biological assets
for commercial purposes. |
