APFASL promotes awareness on accounting standards

The Association of Public Finance Accountants of Sri Lanka (APFASL), the public sector wing of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), recently spearheaded a fresh initiative to increase awareness among public sector accountants and auditors attached to government ministries and departments on a range of developments including new accounting methodologies and the latest standards.

The implementation methodology of accrual accounting, assets management and the Sri Lanka Public Sector Accounting Standards were the highlight of a series of programs conducted recently by APFASL targeting chief accountants, accountants, internal auditors, treasurers and other professionals involved in the preparation and presentation of financial statements in government ministries and departments, including Municipal Councils and Urban Councils across the Western Province.

APFASL was set up in January 2012 to improve financial management practices in Sri Lanka.

A multitude of areas including, the implementation of Treasury Circulars on Accrual Based Accounting System, Introduction of new coding system for reporting of fixed assets, Introduction to accrual based accounting system, Transition to accrual based accounting system of Government ministries and departments, Assets management in the public sector, Application modalities of Sri Lanka Public Sector Accounting Standards for Government ministries and departments and finally introducing participants to the Sri Lanka Public Sector Accounting Standards were covered during two separate programs at the Institute of Chartered Accountants of Sri Lanka, Colombo 7 and at the auditorium of the Western Provincial Council, Chief Secretary's office.