Dialog Publish first IFRS compliant QFR

Dialog Published the Quarter Financial Report(QFR)following Sri Lanka's Accounting Standards body aligning local financial reporting standards with International Financial Reporting Standards (IFRSs) in the form of SLFRS's. Dialog Axiata PLC was the first Public Listed Corporate in Sri Lanka to publish IFRS compliant financial statements.

Auditors of Dialog Axiata, PLC PricewaterhouseCoopers (PwC) through the independent review report said that Dialog Axiata's reviewed interim financial statements for the 1st Quarter of 2012 were prepared in accordance with all SLFRS's applicable on January 1 2012.

"The independent auditors report confirms that the Dialog Group had presented all standards compliant disclosures including a report of reconciliation since transition.

The report of reconciliations presented alongside the financial statements, provide clarity on the process of convergence with the SLFRS and the implications to the financial statements as a result of the convergence", a spokesman for Dialog Group said.

The Statutory Accounting Standards Committee of the Institute of Chartered Accountants of Sri Lanka, in keeping with the Sri Lanka Accounting and Auditing Standards Act, No.15 of 1995, defined the SLFRS in line with the standardisation guidelines of the International Accounting Standards Board (IASB).

The Sri Lankan Standards Body stipulated that SLFRS adopted it with effect from 1st January 2012.

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is working to ensure that all practitioners and preparers of financial statements among other professionals are educated about the convergence.

"I am made to understand that Dialog Axiata PLC is the first PLC in Sri Lanka to publish reviewed quarterly financial statements which are fully compliant with the Sri Lanka Financial Reporting Standards (SLFRSs).